By 
The Federal Government has announced plans to establish the National Credit Guarantee Company (NCGC), a strategic initiative aimed at enhancing financial inclusion and driving economic growth through expanded access to credit.
President Bola Ahmed Tinubu disclosed this development in his New Year address, highlighting his administration’s commitment to empowering individuals and strengthening critical sectors of the economy.
“This initiative will bolster confidence in the financial system, extend credit access to underserved groups such as women and youth, and foster growth, re-industrialization, and improved living standards for Nigerians,” President Tinubu stated.
The NCGC, expected to commence operations by the second quarter of 2025, is designed to broaden risk-sharing mechanisms for financial institutions and enterprises. This will reduce lending risks and encourage credit flow across key economic sectors.
The initiative will be implemented in partnership with key stakeholders, including government agencies, private sector entities, and multilateral institutions. Among the collaborators are the Bank of Industry, Nigerian Consumer Credit Corporation, and the Nigerian Sovereign Investment Authority.
By addressing barriers to credit access and fostering financial inclusivity, the NCGC is poised to play a transformative role in driving Nigeria’s economic development and improving the livelihoods of its citizens.
Comments