President Tinubu Launches National Credit Guarantee Company to Boost MSME Financing

President Tinubu Launches National Credit Guarantee Company to Boost MSME Financing

In a significant move to enhance access to finance for Micro, Small, and Medium Enterprises (MSMEs), small corporates, manufacturers, consumers, and large businesses, President Tinubu has established the National Credit Guarantee Company (NCGC) with an initial capital of N100 billion.

The NCGC is designed to de-risk lending, providing guarantees to financial institutions and thereby reducing the risk associated with lending to MSMEs and other sectors. This initiative aims to stimulate economic growth, create jobs, and increase financial inclusion across Nigeria.

Key Appointments

To steer the NCGC, President Tinubu has appointed a seasoned team, including:

– Rt. Hon. Yakubu Dogara as Chairman of the NCGC Board, bringing his wealth of experience as a former Speaker of the House of Representatives.
– Mr. Bonaventure Okhaimo as Managing Director and Chief Executive Officer, tasked with driving the company’s vision and strategy.
– Mrs. Tinoula Aigwedo as Executive Director of Strategy and Operations, overseeing the company’s operational framework.
– Dr. Ezekiel Oseni as Executive Director, Risk Management, responsible for managing the company’s risk profile.
– Ms. Yeside Kazeem, an experienced actuarial expert, as an Independent Non-Executive Director, providing valuable insights and guidance.

Impact on MSMEs and the Economy

The establishment of the NCGC is expected to have a positive impact on MSMEs and the broader economy. By providing credit guarantees, the NCGC will:

– Increase access to finance for MSMEs and small corporates
– Reduce the risk associated with lending, making it more attractive for financial institutions to lend to MSMEs
– Stimulate economic growth and job creation
– Enhance financial inclusion across Nigeria

With the NCGC in place, Nigeria’s MSMEs and businesses are poised to benefit from increased access to finance, driving growth and development in the country.