Nigeria is set to launch a National Credit Guarantee Company in May, aimed at enhancing financial access for businesses and individuals.
President Bola Tinubu made the announcement during a Wednesday address, underscoring the initiative’s significance for economic growth and development.
“The federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises,” Tinubu declared.
This bold move aligns with Tinubu’s campaign promises of fostering economic reforms to unlock opportunities and elevate living standards nationwide.
The new credit guarantee entity will collaborate with institutions such as the Bank of Industry, Nigerian Consumer Credit Corporation, and Nigerian Sovereign Investment Agency.
Private sector partners and multilateral organizations will also play a pivotal role in realizing the initiative’s objectives.
“This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth,” Tinubu added.
Key outcomes of this program include driving growth, re-industrialization, and improving living standards across Nigeria’s diverse population.
This announcement builds on Tinubu’s earlier efforts, such as launching the Nigerian Consumer Credit Corporation eight months ago to enhance credit access for Nigerians.
The programme’s phased rollout began with federal civil service employees and is now extending its reach to the general public.