Nigeria will establish a National Credit Guarantee Company in May 2025 to improve access to credit for businesses and individuals, President Bola Tinubu announced on Wednesday.
The initiative, part of Tinubu’s economic reform agenda, aims to bolster financial inclusion and stimulate economic growth by expanding risk-sharing instruments for financial institutions. “This initiative will strengthen the confidence of the financial system, expand credit access, and support underserved groups such as women and youth,” Tinubu said.
The new company will collaborate with key government agencies, including the Bank of Industry, the Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, alongside private sector and multilateral organizations.
Eight months ago, Tinubu launched the Nigerian Consumer Credit Corporation to enhance credit access for employed Nigerians. Initially targeting federal civil service employees, the program has since expanded to include the general public.
The president emphasized that this move is part of a broader effort to drive re-industrialization and improve living standards in Nigeria.