Tinubu Launches NCGC with ₦100 Billion to Boost MSMEs and Access to Finance in Nigeria
President Bola Ahmed Tinubu
President Bola Ahmed Tinubu has established the National Credit Guarantee Company Limited (NCGC) with an initial capital of ₦100 billion. This move is set to transform Nigeria’s financial landscape by improving access to credit for Micro, Small and Medium Enterprises (MSMEs), manufacturers, and even consumers.
Why the NCGC Matters
For years, Nigerian entrepreneurs and small businesses have struggled to access loans due to high risks perceived by lenders. The NCGC was created to solve this problem by offering guarantees that reduce the risks associated with lending. This means banks and financial institutions can now confidently lend money to businesses that were once considered too risky.
The company will work with banks, microfinance institutions, and other financial service providers to make credit available without requiring excessive collateral. This initiative is especially vital at a time when many Nigerians are seeking ways to start or expand businesses amidst rising inflation and unemployment.
Leadership to Drive Change
President Tinubu appointed former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, as Chairman of the NCGC Board. Mr. Bonaventure Okhaimo was named the Managing Director/CEO. Other key appointments include:
Mrs. Tinoula Aigwedo as Executive Director of Strategy and Operations
Dr. Ezekiel Oseni as Executive Director of Risk Management
Ms. Yeside Kazeem, an actuarial expert, as Independent Non-Executive Director
These appointments are expected to bring credibility, transparency, and professionalism to the institution.
Global Support and Local Focus
The NCGC is backed by the Ministry of Finance Incorporated (MOFI), the Bank of Industry, Nigeria Sovereign Investment Authority, and CrediCorp. The World Bank is also providing technical support to ensure global best practices.
“This initiative will open up a new world of financial opportunities for ordinary Nigerians and empower our MSMEs to grow and create jobs,” — President Bola Tinubu
The launch of NCGC signals a new era of inclusive economic growth in Nigeria. With easier access to finance, small businesses and entrepreneurs now have a real chance to thrive. Nigerians are encouraged to stay informed and take advantage of this opportunity as the company begins operations in July 2025.
