Nigeria will increase its residents’ access to credit

In a speech on Wednesday, President Bola Tinubu said that Nigeria will create a national credit guarantee corporation in May to provide loans to both individuals and enterprises.

When Tinubu took office in May 2023, he ran on a platform of economic reforms, which included increasing access to finance to spur economic expansion.

“The National Credit Guarantee Company will be established by the federal government to increase risk-sharing options for businesses and financial institutions in order to accomplish this.

According to Tinubu, the business would collaborate with private and international organizations in addition to government agencies like the Ministry of Finance Incorporated, the Nigerian Consumer Credit Corporation, the Bank of Industry, and the Nigerian Sovereign Investment Agency.

“This program will boost the financial system’s credibility, increase loan availability, and assist marginalized populations including women and young people. Growth, reindustrialization, and higher living standards for our people will result from it,” Tinubu declared.

Tinubu established the Nigerian Consumer Credit Corporation eight months ago in an effort to improve employed Nigerians’ access to credit.

The initiative was designed to be implemented gradually, starting with Federal civil service employees and then on to the general public.