President Bola Tinubu announced on Wednesday that Nigeria would launch a national credit guarantee company in May to lend to businesses and individuals in Nigeria.
To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.
Reports recount economic reforms in Nigeria as one of the headlining policies during Tinubu’s campaign for President of Nigeria.
The president has collaborated with the necessary stakeholders such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, as well as the private sector and multilateral institutions to expand credit access to boost economic growth.
“This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people,” Tinubu said.
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