The National Credit Guarantee Company has launched a stakeholders’ engagement forum to boost credit access for Micro, Small, and Medium Enterprises, local manufacturers, and credit consumers.

The company’s Managing Director, Mr Bonaventure Okhaimo, said the initiative is aimed at de-risking lending and expanding access to finance for underserved sectors.

According to Okhaimo, the NCGC has been established as a strategic partner to complement existing interventions by Development Finance Institutions, financial institutions, and government initiatives in tackling credit constraints.

With a N100bn initial capital, the company will provide partial credit guarantees to cover a portion of potential loan defaults, thereby reducing the risks for lenders and encouraging increased credit availability.

The NCGC boss noted that despite the country’s growing economy, many MSMEs and local manufacturers still face significant challenges in accessing credit due to a lack of collateral, high-risk perception, and high borrowing costs. He said the company’s mandate is to provide a much-needed safety net to expand access to finance, minimize risk exposure, and drive economic growth.

Okhaimo emphasised the importance of partnerships and collaboration with all stakeholders in the financial ecosystem, saying, “Our success hinges on inclusive partnerships and collaboration with all stakeholders in the financial ecosystem. We firmly believe that by working together, we can build a more inclusive, resilient, and dynamic credit market in Nigeria.”

The NCGC’s initiative is coming on the heels of a significant funding gap for Nigerian MSMEs, with an estimated 80 per cent of MSMEs lacking access to formal credit. The company’s guarantee scheme is expected to boost financial inclusion, drive economic growth, and promote access to finance for underserved sectors.

As the stakeholders’ engagement forum marks the beginning of a new chapter in Nigeria’s credit landscape, Okhaimo called on financial institutions and partners to join the company in building a future where credit is accessible, risk is shared, and growth is inclusive.

“Let us move from dialogue to design, from intention to impact,” he said. “At NCGC, we are open for business. Let today mark the start of a deep, strategic, and sustained partnership that will reshape Nigeria’s credit landscape.