Nigeria Announces Plans to Expand Credit Access in 2025
Nigeria will establish a National Credit Guarantee Corporation in May 2025 to enhance credit access and drive economic growth. President Bola Tinubu announced the initiative as part of his broader economic reform agenda to promote financial inclusion and support underserved groups such as women and youth. Through the company, the government seeks to expand risk-sharing facilities for financial institutions with the aim of boosting confidence in the financial system and improving living standards. Key collaborators will include the Bank of Industry, the Nigerian Consumer Credit Corporation, Nigeria’s sovereign investment agency and the Ministry of Finance, as well as the private sector and multilateral organizations. The President said the new initiative underscores his administration’s commitment to the reindustrialization of Nigeria and its economic development. Before Tinubu announced the establishment of the National Credit Corporation, he also established the Nigeria Consumer Credit Corporation.
source: african news
