Abuja – In his New Year address to Nigerians, President Bola Tinubu outlined plans to improve access to credit for citizens and critical sectors of the economy, aiming to stimulate national economic growth.
Recognizing that limited access to credit remains a major challenge, particularly for Small and Medium Enterprises (SMEs), Tinubu announced that the Federal Government would establish the National Credit Guarantee Company. This initiative, set to launch before the end of the second quarter, is designed to expand risk-sharing mechanisms for financial institutions and businesses.
The new company will be a collaboration between government bodies like the Bank of Industry, the Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and the Ministry of Finance Incorporated, along with private sector entities and multilateral organizations. The initiative aims to increase confidence in the financial system, expand credit access, and support underserved groups, including women and youth.
The new company will be a collaboration between government bodies like the Bank of Industry, the Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and the Ministry of Finance Incorporated, along with private sector entities and multilateral organizations. The initiative aims to increase confidence in the financial system, expand credit access, and support underserved groups, including women and youth.
Tinubu assured that the program would drive economic growth, re-industrialization, and improve the living standards of Nigerians. He also highlighted the positive economic indicators, noting a decrease in fuel prices, foreign trade surpluses for three consecutive quarters, rising foreign reserves, and a strengthened Naira. Additionally, the stock market’s growth and increased foreign investment reflect renewed investor confidence.
Despite these positive developments, the President acknowledged the ongoing challenges faced by many Nigerian households, particularly regarding the high costs of food and essential drugs.
Looking ahead, Tinubu reiterated his administration’s commitment to ongoing reforms aimed at fostering sustainable growth. He called for unity and cooperation from Nigerians in building a prosperous economy, emphasizing the nation’s goal of becoming a one trillion-dollar economy.
As he concluded his address, the President wished Nigerians a prosperous and joyful 2025, expressing optimism for a year of fulfillment and progress.
*www.reportafrique.com
