By Ebenezer Mabinuola
President Bola Tinubu has announced the creation of the National Credit Guarantee Company Limited (NCGC), a new institution aimed at expanding access to credit for small businesses and underserved Nigerians. The company is set to begin operations on July 1, 2025, with an initial ₦100 billion capital base.
According to a presidential statement, the NCGC will de-risk lending by offering guarantees to banks and financial institutions, encouraging them to lend more freely to MSMEs, manufacturers, youth, and women—groups often locked out of formal credit.
The company will be chaired by Rt. Hon. Yakubu Dogara, former Speaker of the House of Representatives. Mr. Bonaventure Okhaimo will serve as Managing Director/CEO, supported by a board drawn from Nigeria’s top financial institutions including BOI, NSIA, CrediCorp, and MOFI. The World Bank is also offering technical support.
The move follows Tinubu’s earlier pledge to unlock consumer and business credit as a path to job creation and inclusive economic growth.
With trust in Nigeria’s lending environment still low, the NCGC is seen as a potential game-changer. If successful, it could ease financing bottlenecks and spur productivity across key sectors of the economy.
