Nigeria’s President, Bola Ahmed Tinubu, has promised to enhance living standards for citizens by announcing the creation of a National Credit Guarantee Company.
This initiative aims to bolster confidence in the financial system, broaden access to credit, stimulate economic growth, and provide support to marginalised groups, including women and youth.
President Tinubu made these known in his New Year message to Nigerians, in which he acknowledged that the year 2024 posed numerous challenges to citizens and households but affirmed that the new year 2025 will bring brighter days.
The President said the initiative is to expand risk-sharing instruments for financial institutions, encourage re-industrialisation, and improve better living standards for Nigerians.
The Nigerian leader assured citizens of the readiness of his administration to further consolidate and increase access to credit for individuals and critical sectors of the economy in order to boost national economic output.
Also Read: Full Text Of President Tinubu’s 2025 New Year Message
The company, President Tinubu hinted, will begin operations before the end of the second quarter of 2025, is designed to be in partnership with government institutions, such as the Bank of Industry, the Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and the Ministry of Finance Incorporated, the private sector, and multilateral institutions.
“To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.
“The Company—expected to start operations before the end of the second quarter—is a partnership of government institutions, such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, the private sector, and multilateral institutions,” he said.
Reassuring Nigerians that his administration is on the right path to building a great Nigeria that will work for all citizens, President Tinubu promised continued efforts in embarking on necessary reforms that will foster sustainable growth and prosperity for Nigeria.
“On a personal note, thank you for placing your confidence in me as your president. Your trust humbles me, and I promise to continue serving you diligently and wholeheartedly.” President Tinubu said.
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