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.