Vice President Kashim Shettima on Wednesday inaugurated the Board of Directors of the newly established National Credit Guarantee Company Limited (NCGC Ltd), a strategic initiative aimed at enhancing access to finance for Nigeria’s over 39 million micro, small, and medium enterprises (MSMEs).
The inauguration ceremony, held at the State House in Abuja, marks a significant step in the Tinubu administration’s broader effort to promote economic inclusion and remove barriers that have long constrained small businesses.
Describing the NCGC as “a critical engine in our pursuit of economic inclusion and sustainable growth,” Shettima noted that the company will serve as a financial catalyst, offering credit guarantees to reduce the risks faced by banks and other lenders. This, he said, would enable productive Nigerians—including farmers, artisans, traders, and tech entrepreneurs—to access affordable credit without the burden of collateral constraints.
“This company will ensure that a farmer in Ibadan or a startup in Abuja is not denied opportunity simply for lack of guarantees,” the Vice President declared.
The NCGC, established by President Bola Tinubu and announced on May 29, 2025, is expected to act as a bridge between financial institutions and underserved businesses by de-risking loans and stimulating private sector lending.
Former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, was appointed as Chairman of the Board, while Mr. Bonaventure Okhaimo will serve as the Managing Director and Chief Executive Officer. Other key board members include 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).
Representatives from major financial institutions and government bodies—such as the Bank of Industry, Nigeria Sovereign Investment Authority, Nigerian Consumer Credit Corporation, and the Ministry of Finance Incorporated—are also part of the board.
In his remarks, Dogara praised the establishment of the company as a means of democratizing economic opportunity, noting that access to credit is a vital component of meaningful citizenship in a functional democracy.
Dr. Olasupo Olusi, Managing Director of the Bank of Industry, underscored that the NCGC reflects the collaborative effort of national and international stakeholders, including the World Bank, to implement structural economic reforms that empower small businesses and drive job creation.
With MSMEs contributing nearly 50% of Nigeria’s GDP, the NCGC is projected to unlock financing that supports innovation, productivity, and inclusive growth. It is expected to serve as a long-term mechanism for enhancing credit access, strengthening value chains, and expanding private sector participation in Nigeria’s evolving financial ecosystem.
Concluding the ceremony, Vice President Shettima formally declared the board inaugurated, reaffirming the administration’s commitment to inclusive economic development through targeted financial reforms.
