FG to Establish National Credit Guarantee Company for Financial Inclusivity
The federal government has announced plans to establish the National Credit Guarantee Company (NCGC), a move aimed at expanding risk-sharing instruments for financial institutions and enterprises to ensure robust financial inclusion.
President Ahmed Bola Tinubu revealed this in his New Year message to Nigerians, while emphasizing his administration’s commitment to increasing access to credit for individuals and critical sectors of the economy. This initiative is expected to boost national economic output.
”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.” He said.
The NCGC, slated to begin operations before the end of the second quarter of 2025, will be a collaborative effort between government institutions, the private sector, and multilateral institutions. Partners will include the Bank of Industry, Nigerian Consumer Credit Corporation, and the Nigerian Sovereign Investment Agency.
