The Federal Government, FG, has reiterated its dedication to improving access to finance for Micro, Small, and Medium Enterprises (MSMEs) and manufacturers through the National Credit Guarantee Company Limited (NCGC).
This was announced by the Minister of State for Finance, Doris Uzoka-Anite, during a courtesy visit from the NCGC Board of Directors in Abuja on Thursday.
The minister commended the swift and professional establishment of the NCGC, aligning with President Bola Tinubu’s Renewed Hope Agenda, which aims to strengthen Nigeria’s industrial capacity and foster inclusive economic growth.
Uzoka-Anite expressed her full confidence in the NCGC’s leadership, led by Managing Director/CEO Mr. Bonaventure E. Okhaimo, to deliver on its crucial mandate.
Uzoka-Anite affirmed that the Ministry of Finance would continue to provide institutional support to the NCGC, enabling it to share up to 60% of credit risk with financial institutions.
This risk-sharing model is expected to unlock much-needed financing for MSMEs and manufacturers, promote economic diversification, and protect the economy from external shocks.
Speaking at the meeting, Mr. Okhaimo expressed gratitude for the minister’s encouragement and pledged the NCGC’s commitment to accelerating credit access across the nation.
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He stated that the company is structured to provide assurance to lenders, thereby stimulating the flow of credit to the most productive sectors of the economy.
The Permanent Secretary of the Federal Ministry of Finance, Lydia Shehu Jafiya, also praised the progress made in launching the NCGC and assured the institution of the ministry’s full support.
The NCGC, a new agency reporting to the Federal Ministry of Finance, is a significant step toward bridging structural financing gaps, fostering industrial growth, and broadening financial inclusion throughout Nigeria.
Its establishment is expected to be a transformative force in de-risking lending and empowering small and medium-sized businesses and manufacturers.
