May 29, 2025 – President Bola Ahmed Tinubu has approved the creation of the National Credit Guarantee Company Limited (NCGC) to help more Nigerians, especially young people, women, and small business owners, get easier access to loans. This company will help reduce risks for lenders and make borrowing more accessible for Micro, Small and Medium Enterprises (MSMEs), manufacturers, and even consumers.
In his New Year Message, President Tinubu promised to unlock more credit for Nigerians and support long-term economic growth. The launch of NCGC is part of that promise. The President said the move would “expand credit access, create jobs, drive reindustrialization and improve the living standards for Nigerians.”
The newly established company will officially begin full operations by July 2025, starting with a capital of ₦100 billion, provided by a strong group that includes the Ministry of Finance Incorporated (MOFI), Nigeria Sovereign Investment Authority (NSIA), Bank of Industry (BOI), and the Nigerian Consumer Credit Corporation (CrediCorp). The World Bank Group is also supporting the project with technical guidance.
President Tinubu has appointed former Speaker Rt. Hon. Yakubu Dogara as Chairman of the Board. Mr. Bonaventure Okhaimo will serve as the Managing Director and Chief Executive Officer.
Other appointments include Mrs. Tinuola Aigwedo, Dr. Ezekiel Oseni, and Ms. Yeside Kazeem, along with key leaders from the NSIA, BOI, Credicorp, and the Ministry of Finance Incorporated.
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The National Credit Guarantee Company is expected to boost confidence in Nigeria’s financial system, make credit more available, and support high-impact sectors. This move is also aligned with the government’s plan to improve the ease of doing business and stimulate economic development in Nigeria.