The Federal Government has officially inaugurated the Board of Directors of the National Credit Guarantee Company Limited (NCGC Ltd.), a strategic institution aimed at enhancing access to affordable financing for micro, small, and medium enterprises (MSMEs) across Nigeria.
The inauguration ceremony, presided over by Vice President Kashim Shettima, was held at the Presidential Villa on Thursday in Abuja.
According to a statement by Stanley Nkwocha, Senior Special Assistant to the Vice President on Media and Communications, Vice President Kashim Shettima presided over the event, describing the NCGC as “a critical engine in our pursuit of economic inclusion and sustainable growth”.
Shettima noted that the establishment of the NCGC reflected the Federal Government’s determination to bridge the longstanding financing gap faced by small businesses.
He said, “These entrepreneurs do not ask for handouts; they ask for the credibility of their ideas to be matched by the confidence of our financial institutions”.
The NCGC was set up by President Tinubu on May 29, with an initial capital of N100 billion, demonstrating the government’s commitment to economic inclusion and sustainable growth.
President Tinubu also approved the constitution of the company’s board, appointing former Speaker of the House of Representatives, Yakubu Dogara, as chairman.
While inaugurating the board, Shettima highlighted the initiative as a direct response to decades of challenges faced by small businesses in accessing capital, stressing the importance of institutional trust in driving grassroots development.
The company is designed to bridge the longstanding financing gap faced by small businesses, providing credit guarantees to underfunded entrepreneurs nationwide.
The NCGC aimed to act as a bridge between financial institutions and business owners in various sectors, including agriculture and technology, promoting economic growth and development.
The NCGC is expected to increase access to finance for MSMEs, enabling them to scale, create jobs, and contribute meaningfully to Nigeria’s GDP.
By providing credit guarantees, the NCGC aimed to stimulate inclusive economic growth, promote industrialization, and encourage entrepreneurship.
The initiative is expected to create jobs and contribute significantly to national development and poverty reduction.
