The president announced the establishment of a National Credit Guarantee Company on January 2 2025, to improve living standards, expand credit access, and stimulate economic growth. The initiative is to build confidence in the financial system while supporting marginalised groups such as women and youth.
In his New Year message to Nigerians, Tinubu acknowledged the challenges faced in 2024 but promised that 2025 would usher in brighter days, sees the credit company as a crucial step toward re-industrialisation and better economic opportunities for citizens.
The National Credit Guarantee Company aims to provide financial institutions with risk-sharing instruments, encouraging them to extend more credit to individuals and enterprises. The move is designed to boost critical sectors of the economy and enhance national productivity.
As promised at inception, the company which will be a collaborative effort involving government institutions like the Bank of Industry, the Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and the Ministry of Finance Incorporated, alongside private sector stakeholders and international partners is scheduled to begin operations before the end of the second quarter of 2025.
President Tinubu highlighted that this initiative aligns with his administration’s broader vision of sustainable economic reforms. “The federal government is committed to establishing structures that expand access to credit and foster economic growth. This company will ensure Nigerians can thrive in a system that supports their aspirations,” he said.
The President further emphasised his administration’s efforts to stabilise the economy, provide better opportunities, and ensure inclusivity. “Our priority is to deliver reforms that will create a Nigeria that works for everyone, regardless of their background,” Tinubu noted
As Nigerians look toward 2025, the establishment of the National Credit Guarantee Company marks a key milestone in Tinubu’s economic agenda, promising to transform the financial landscape and improve the quality of life for all citizens.
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