President Bola Tinubu has established the National Credit Guarantee Company Limited (NCGC), a new federal initiative aimed at boosting credit access for businesses across Nigeria.
A statement from the Presidency on Thursday confirmed the launch of the institution, which is backed by an initial capital of N100 billion.
Former Speaker of the House of Representatives, Yakubu Dogara, has been named Chairman of the NCGC board.
Also appointed is Bonaventure Okhaimo, who will serve as Managing Director and Chief Executive Officer of the newly formed agency.
Other key appointments include Tinoula Aigwedo as Executive Director of Strategy and Operations, and Dr Ezekiel Oseni as Executive Director, Risk Management.
The board also includes Yeside Kazeem, a seasoned actuarial scientist, as an Independent Non-Executive Director.
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According to the statement, the creation of NCGC is part of President Tinubu’s ongoing economic reforms aimed at driving inclusive growth and supporting small businesses.
“The company aims to mitigate risks associated with lending while improving credit access for Micro, Small and Medium Enterprises (MSMEs), manufacturers, and consumers,” the Presidency stated.
The credit guarantee firm is expected to act as a buffer for lenders, encouraging them to support enterprises traditionally considered too risky for formal loans.
With this move, Tinubu continues to emphasize the importance of enterprise development and private-sector growth in his administration’s economic blueprint.