Photos: Bijryder/Wikimedia Commons/YouTube Screenshots
Nigeria’s president pledged to improve credit to key parts of the economy by setting up a credit guarantee company.
Bola Tinubu, on Wednesday in his first address of the year, said the new National Credit Guarantee Company, a partnership between several government agencies and multilateral institutions, would increase access to credit for entrepreneurs in “critical sectors of the economy to boost national economic output.” He said the company would begin operations before July.
Only 6% of Nigerian adults had access to credit through a regulated lender in 2023, according to a survey by EFInA, a research group.
Tinubu said the new credit company will “strengthen the confidence of the financial system” and drive growth.
— Alexander
