By Suleiman Abubakar MAPSA
In his 2025 New Year message, President Bola Tinubu unveiled plans to establish the National Credit Guarantee Company, a key initiative aimed at addressing Nigeria's high cost of living and promoting economic growth.
The company, set to commence operations by mid-2025, will facilitate easier access to loans for businesses, enabling increased local production of essential goods such as food and medicine.
The initiative is part of the government’s strategy to combat inflation, support small businesses, and empower underserved groups, including women and youth.
“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,” Tinubu stated.
The company will operate as a partnership among government agencies, including the Bank of Industry, Nigerian Consumer Credit Corporation, Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, alongside private sector stakeholders and multilateral institutions.
Tinubu emphasized that the initiative would strengthen confidence in the financial system, expand credit access, and foster re-industrialization, ultimately improving living standards for Nigerians.
