President Bola Tinubu has established the National Credit Guarantee Company Limited (NCGC) and appointed former Speaker of the House of Representatives, Yakubu Dogara, as the Chairman of its board.

According to a statement released by the presidency on Thursday, the new entity will be supported by an initial fund of N100 billion and aims to mitigate lending risks while increasing financial access for businesses across Nigeria.

The statement revealed that Mr. Bonaventure Okhaimo has been appointed as the Managing Director and Chief Executive Officer of the company, while Mrs. Tinoula Aigwedo will serve as Executive Director of Strategy and Operations.

Other key appointments include Dr. Ezekiel Oseni as Executive Director of Risk Management and Yeside Kazeem, described as an "experienced actuarial expert," who will serve as an Independent Non-Executive Director.

Expanding Financial Access

The NCGC is designed to benefit various sectors of the Nigerian economy, with a particular focus on Micro, Small and Medium Enterprises (MSMEs), small businesses, manufacturers, and consumers.

The initiative appears to be part of the administration's efforts to address financial inclusion challenges and stimulate economic growth by making credit more accessible to businesses that traditionally struggle to obtain financing.

The establishment of the NCGC comes as President Tinubu marks his second year in office, during which his economic reforms have faced both praise and criticism from various quarters.

The N100 billion initial funding underscores the administration's commitment to the project, which could potentially transform the lending landscape for businesses operating in Nigeria if successfully implemented.