President Bola Ahmed Tinubu has officially launched the National Credit Guarantee Company Limited (NCGC), allocating an initial capital of ₦100 billion to bolster financial access for Nigerian enterprises. This initiative aims to mitigate lending risks and broaden financing opportunities for Micro, Small, and Medium Enterprises (MSMEs), manufacturers, consumers, and larger corporations across the nation.
In a statement released on Thursday, the Presidency announced the appointment of former House of Representatives Speaker, Rt. Hon. Yakubu Dogara, as Chairman of the NCGC Board. Mr. Bonaventure Okhaimo has been designated as the Managing Director and Chief Executive Officer.
The NCGC is envisioned as a pivotal component of President Tinubu’s economic reform agenda, focusing on reducing inflation, enhancing local production, and improving living standards. By providing credit guarantees, the company seeks to encourage financial institutions to extend more loans, particularly to underserved groups such as women and youth.
This development follows the earlier establishment of the Nigerian Consumer Credit Corporation, reflecting the administration’s commitment to expanding credit access and stimulating economic growth.
