Nigeria will launch the National Credit Guarantee Company in May 2025 to enhance credit access and drive economic growth. President Bola Tinubu announced the initiative as part of his broader economic reform agenda, aiming to bolster financial inclusion and support underserved groups such as women and youth. Through the company, the government seeks to expand risk-sharing instruments for financial institutions, aiming to strengthen the financial system’s confidence and improve living standards. Key collaborators will include the Bank of Industry, Nigerian Consumer Credit Corporation, Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, alongside private sector and multilateral organizations. According to the president, the new initiative underscores his administration’s commitment to the re-industrialization of Nigeria and, by extension, its economic development. Tinubu’s announcement of the national credit company follows his earlier establishment of the Nigerian Consumer Credit Corporation.
SOURCE: AFRICA NEWS
