https://en.sputniknews.africa/20250101/nigeria-unveils-national-credit-guarantee-company-to-boost-economic-growth--1069988903.html
Nigeria Unveils National Credit Guarantee Company to Boost Economic Growth
Nigeria Unveils National Credit Guarantee Company to Boost Economic Growth
Sputnik Africa
This initiative, which aims to significantly expand access to credit for both businesses and individuals, is a key element of the economic reform agenda of... 01.01.2025, Sputnik Africa
2025-01-01T17:16+0100
2025-01-01T17:16+0100
2025-01-01T17:16+0100
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The Nigerian government is planning to establish a National Credit Guarantee Company, President Bola Tinubu announced during a speech on Wednesday, adding that the fund is set to be launched in May 2025.The president stated that the new company will work in partnership with various government institutions, including the Bank of Industry, the Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and the Ministry of Finance Incorporated, as well as the private sector and international organizations.This announcement builds upon the launch eight months prior of the Nigerian Consumer Credit Corporation, which initially focused on federal employees before expanding to the general public.
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economy, bola tinubu, nigeria, funding, finance, west africa, company, economic growth
economy, bola tinubu, nigeria, funding, finance, west africa, company, economic growth
Nigeria Unveils National Credit Guarantee Company to Boost Economic Growth
Muhammad Nooh Osman
Writer/Editor
This initiative, which aims to significantly expand access to credit for both businesses and individuals, is a key element of the economic reform agenda of President Bola Tinubu, who was elected in May 2024.
The Nigerian government is planning to establish a National Credit Guarantee Company, President Bola Tinubu announced during a speech on Wednesday, adding that the fund is set to be
launched in May 2025.
The president stated that the new company will work in partnership with various government institutions, including the Bank of Industry, the Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and the Ministry of Finance Incorporated, as well as the
private sector and international organizations.
"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.
This announcement builds upon the launch eight months prior of the Nigerian Consumer Credit Corporation, which initially focused on federal employees before expanding to the general public.
