FG Inaugurates National Credit Guarantee Company Board to Support MSME Access to Finance

The Federal Government has launched a credit guarantee firm to boost small business financing.

Vice President Shettima says the new agency will help bridge funding gaps for entrepreneurs.

In a significant step toward addressing Nigeria’s lingering challenges in access to credit, the Federal Government has inaugurated the Board of Directors for the newly established National Credit Guarantee Company Limited (NCGC Ltd). The development marks a significant step toward enhancing financing options for micro, small, and medium-sized enterprises (MSMEs) nationwide.

The inauguration ceremony took place on Thursday, July 3, in Abuja, with Vice President Kashim Shettima presiding over the event. Shettima described the NCGC as a “critical engine” for inclusive economic growth, particularly at the grassroots level.

“This initiative is our direct response to a stubborn obstacle that has held back our economic progress for decades, the issue of financing,” he said.

The NCGC is structured to address one of the core issues faced by MSMEs: lack of collateral and financial trustworthiness in the eyes of formal lenders. By providing credit guarantees, the institution will reduce the risk for banks and financial institutions, thereby encouraging them to lend to small businesses with viable ideas but limited financial backing.

Vice President Shettima emphasized the significance of the company’s role, noting that it will serve as a financial bridge for a wide range of Nigerian entrepreneurs, from farmers and artisans to tech startups and small-scale traders.

“When a farmer in Ibadan needs funds to scale her cocoa farm, or a trader in Onitsha needs capital to expand, the system must work in their favor,” he said.

President Bola Ahmed Tinubu had initially unveiled plans for the credit guarantee initiative during his Democracy Day speech on May 29, 2025. He also approved the appointment of the board’s leadership, with the former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara was named as Chairman. Mr. Bonaventure Okhaimo will serve as the Managing Director and Chief Executive Officer.

Other board members include:

• Mrs. Tinoula Aigwedo – Executive Director, Strategy and Operations
• Dr. Ezekiel Oseni – Executive Director, Risk Management
• Ms. Yeside Kazeem – Independent Non-Executive Director

Representatives from key financial institutions were also appointed, including:

• Mr Aminu Sadiq-Umar – MD, Nigeria Sovereign Investment Authority
• Dr Olasupo Olusi – MD/CEO, Bank of Industry
• Mr. Uzoma Nwagba – MD, Nigeria Consumer Credit Corporation
• Mrs. Oluwakemi Owonubi – Representative, Ministry of Finance Incorporated

Dr. Olusi, speaking at the event, highlighted the multi-agency collaboration that brought the NCGC to life. He credited the Ministry of Finance Incorporated, the Nigeria Consumer Credit Corporation, the Bank of Industry, the NSIA, and the World Bank for their support in establishing the initiative.

The NCGC is expected to play a transformative role in unlocking economic opportunities, promoting job creation, and expanding the reach of credit to previously excluded segments of the economy. With this launch, the Federal Government aims to empower MSMEs to contribute significantly to Nigeria’s GDP and long-term development goals.