Empowering Entrepreneurs:  FG’s National Credit Guarantee Company to Boost MSME Financing.

The Federal Government has officially inaugurated the Board of Directors for the National Credit Guarantee Company Limited (NCGC Ltd), a newly established institution aimed at providing affordable financing options to micro, small, and medium enterprises (MSMEs) in Nigeria. The ceremony was presided over by Vice President Kashim Shettima, who highlighted the NCGC’s significance as a “critical engine” for promoting economic inclusion and fostering grassroots development.

Bridging the Financing Gap

The NCGC is dedicated to addressing the financing gap that has persistently affected MSMEs in Nigeria. Vice President Shettima stated that the organization will act as an essential link between entrepreneurs and financial institutions, instilling the necessary trust for small businesses to obtain loans. This initiative is anticipated to unlock capital and stimulate job creation, enhance productivity, and drive innovation across vital value chains, thereby making a substantial contribution to Nigeria’s GDP.

The Board of Directors of the NCGC is chaired by the former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, with Mr. Bonaventure Okhaimo serving as the Managing Director and Chief Executive Officer. The board also comprises Mrs. Tinoula Aigwedo, Executive Director of Strategy and Operations; Dr. Ezekiel Oseni, Executive Director of Risk Management; and Ms. Yeside Kazeem, Independent Non-Executive Director, among others.

Collaborative Effort

The formation of the NCGC is the outcome of the committed efforts of a coalition of partners, which includes the Bank of Industry, Ministry of Finance Incorporated, Nigerian Consumer Credit Corporation, Nigeria Sovereign Investment Authority, and the World Bank. This collaborative initiative demonstrates the administration’s dedication to removing structural obstacles that have traditionally limited access to finance for MSMEs, manufacturers, and consumers. The launch of the National Credit Guarantee Company Limited represents a crucial milestone in Nigeria’s economic progress. By offering affordable financing options to MSMEs, the NCGC is set to stimulate economic growth, generate employment opportunities, and enhance the nation’s GDP. With a robust leadership and governance framework established, the NCGC is strategically positioned to fulfill its goals and make a significant contribution to Nigeria’s economy.