Nigeria will establish a National Credit Guarantee Company in May to expand access to credit for businesses and individuals, President Bola Tinubu announced on Wednesday.
Tinubu, who took office in May 2023, made economic reforms a key campaign promise, including measures to improve credit access and stimulate economic growth.
“The federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises,” Tinubu said during his speech.
The initiative will involve partnerships with government agencies such as the Bank of Industry, Nigerian Consumer Credit Corporation, Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, as well as private sector organizations and multilateral institutions.
Tinubu explained that the program aims to strengthen the financial system, broaden credit access, and support groups like women and youth.
Eight months ago, Tinubu launched the Nigerian Consumer Credit Corporation to increase access to credit for employed Nigerians, starting with federal civil service employees and later expanding to the general public.
