Nigeria is taking a bold step to make loans easier to access! President Bola Tinubu has announced plans to set up a National Credit Guarantee Company in May 2025. This move is expected to open doors for businesses and individuals to secure credit, especially those who often struggle to get loans, like women and young entrepreneurs.
Why Does This Matter?
Access to credit is a big challenge in Nigeria, and many businesses can’t grow without it. Tinubu’s new initiative aims to fix this by reducing risks for lenders, encouraging banks to offer more loans without fear of losses.
"This initiative will strengthen the confidence of the financial system, expand credit access, and support underserved groups such as women and youth," Tinubu said.
Who’s Involved?
The new company will work closely with:
The Bank of Industry – To boost funding for industrial growth.
The Nigerian Consumer Credit Corporation – Focused on making credit available to working Nigerians.
The Nigerian Sovereign Investment Agency – Managing investments to support the economy.
The Ministry of Finance Incorporated – Handling government assets and finances.
Private sector companies and international organizations will also be part of the process, ensuring broad support and expertise.
Building on Previous Efforts
This isn’t Nigeria’s first step toward improving credit access. Eight months ago, Tinubu launched the Nigerian Consumer Credit Corporation to make loans more available for workers. What started with federal civil servants has now expanded to include the general public.
What’s the Bigger Picture?
This plan isn’t just about loans—it’s part of a larger effort to revive industries, boost businesses, and improve living standards across Nigeria. The goal is to create more jobs, support small businesses, and help families thrive.
With the launch set for May 2025, many are hopeful this initiative will bring real change and empower more Nigerians to build a brighter financial future.
Stay tuned as we follow the progress of this initiative and what it could mean for you!