The federal government has announced plans to simplify access to loans for Nigerians in 2025 by establishing the National Credit Guarantee Company.
This was revealed in President Bola Tinubu's new year message where he described that the initiative aims to boost access to credit for individuals and businesses, ultimately boosting economic growth and national productivity.
“In 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 production.
“To achieve this, the federal government will create the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and companies,” he stated.
Tinubu added that the company is expected to start operations before the end of the second quarter of 2025.
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It will serve as a platform to expand risk-sharing instruments for financial institutions, encouraging them to make more loans to critical sectors of the economy and underserved groups.
He continued: “The Company, which is expected to commence operations before the end of the second quarter, is a partnership of 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.”
“This initiative will strengthen confidence in the financial system, expand access to credit and support underserved groups, such as women and youth. It will drive growth, reindustrialization and better standards of living for our people.
NIGERIAN TRIBUNE