President Bola Tinubu has announced plans to improve access to credit for Nigerians and critical sectors of the economy as part of efforts to boost national productivity.
In his New Year address on Wednesday, the President unveiled a proposal to establish the National Credit Guarantee Company.
The initiative, expected to begin operations by mid-2025, aims to expand risk-sharing mechanisms for financial institutions and enterprises.
The company will operate as a collaborative venture involving government agencies such as the Bank of Industry, the Nigerian Sovereign Investment Agency, and the Nigerian Consumer Credit Corporation, alongside the Ministry of Finance Incorporated, private sector players, and multilateral organizations.
“This initiative will build confidence in the financial system, increase credit access, and support underserved groups, including women and youth,” Tinubu explained. “It will drive growth, re-industrialization, and improved living standards for our people.”
The President expressed optimism about Nigeria’s economic outlook, noting recent positive indicators.
“Fuel prices have gradually decreased, foreign reserves have grown, and the Naira has strengthened against the US dollar, fostering greater stability,” he said. “For the first time in years, we’ve recorded foreign trade surpluses in three consecutive quarters, while the stock market has achieved record growth, generating trillions of naira in wealth. Foreign investment is surging, reflecting renewed confidence in our economy.”
However, he acknowledged that the high cost of essential goods, including food and medication, remains a significant challenge for many Nigerians.
Tinubu assured citizens that his administration would persist with reforms to foster sustainable development and shared prosperity.
“As we pursue our goal of a one-trillion-dollar economy, I seek your cooperation and unity. We are on the right path to building a great Nigeria that works for everyone,” he emphasized.
The President also urged Nigerians to look beyond political, ethnic, and regional differences, pledging that 2025 would be a year of promise and progress.
“As the new year dawns, it brings hope, aspirations, and prospects for better days,” he said. “By the grace of God, 2025 will fulfill our collective desires. I wish everyone a prosperous New Year, filled with joy, success, and good health.”
