The federal government has announced plans to launch a National Credit Guarantee Company before the end of the second quarter of the year.
President Bola Tinubu disclosed this during his New Year address on Wednesday. He revealed that the company was the result of multi-stakeholder engagement across public and private sectors.
He said, “In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output. To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.
“The company, expected to start operations before the end of the second quarter, is a partnership of government institutions, such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated; the private sector; and multilateral institutions.
“This initiative will strengthen the confidence of the financial system, expand credit access, and support underserved groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people.”
