Nigeria to Launch National Credit Guarantee Company to Expand Economic Opportunities

Nigeria is set to establish a National Credit Guarantee Company in May 2025 to bolster lending opportunities for businesses and individuals, President Bola Tinubu announced on Wednesday. This initiative aligns with the president’s broader economic reform agenda, which focuses on fostering economic growth through expanded credit access.

“The federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises,” President Tinubu stated. The company is expected to collaborate with key stakeholders, including the Bank of Industry, Nigerian Consumer Credit Corporation, Nigerian Sovereign Investment Agency, Ministry of Finance Incorporated, private sector participants, and multilateral organizations.

Tinubu highlighted that the initiative is designed to strengthen confidence in the financial system while prioritizing credit access for under-served demographics such as women and youth. “This will drive economic growth, support re-industrialization, and improve living standards for Nigerians,” he emphasized.

This announcement builds on earlier efforts by the administration, such as the launch of the Nigerian Consumer Credit Corporation eight months ago. The corporation was introduced to facilitate credit access for employed Nigerians, with its implementation beginning with federal civil servants and later extending to the wider public.