President Bola Tinubu has announced plans to establish a National Credit Guarantee Company before the end of the second quarter of 2025, aiming to enhance access to credit and drive economic growth across critical sectors.
In his New Year speech on Wednesday, President Tinubu emphasized his administration’s commitment to reducing inflation, improving food production, and supporting local manufacturing of essential goods.
“We are resolute in our ambition to reduce inflation from its current high of 34.6% to 15%. With diligent work and God’s help, we will achieve this goal and provide relief to all our people,” he said.
He added that the establishment of the National Credit Guarantee Company will enable financial institutions to offer better credit access by expanding risk-sharing instruments.
The initiative, a collaboration between government institutions such as the Bank of Industry, Nigerian Consumer Credit Corporation, Nigerian Sovereign Investment Agency, and the Ministry of Finance Incorporated, along with private sector stakeholders and multilateral institutions, aims to build confidence in the financial system and empower underserved groups, including women and youth.
President Tinubu highlighted that this move would not only drive economic growth and reindustrialization but also improve living standards for Nigerians.
