New Year: FG to establish credit guarantee company to increase Nigerians’ access to credit

President Bola Ahmed Tinubu, while wishing Nigerians a prosperous New Year, promised that his administration would establish a National Credit Guarantee Company before the end of the second quarter (Q2) of 2025.

Tinubu said his administration would consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.

The president also stated that the initiative would strengthen the confidence in the financial system, expand credit access, and support underserved groups such as women and youth, adding that the company would drive growth, reindustrialisation, and better living standards for Nigerians.

“In 2025, our government is committed to intensifying efforts to lower these costs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies,” he said.

“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.

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“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 output.

“To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.

“The company—expected to start operations before the end of the second quarter—is a partnership of government institutions, such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and the Ministry of Finance Incorporated, the private sector, and multilateral institutions.”