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 broader economic reform agenda, aims to promote financial inclusion and stimulate economic growth by expanding risk-sharing options 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 work with key government agencies, including the Bank of Industry, the Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Authority, and Ministry of Finance Incorporated, as well as private sector and multilateral organizations.
Tinubu also highlighted the launch of the Nigerian Consumer Credit Corporation eight months ago, which aims to enhance credit access for employed Nigerians. Initially focused on federal civil service employees, the program has since expanded to include the general public.
The president emphasized that the creation of the credit guarantee company is part of a broader strategy to drive re-industrialization and improve living standards across the country.