Tinubu Pledges Improved Credit Access for Individuals and Key Sectors

President Bola Tinubu has pledged to enhance access to credit (Credit Access) for individuals and critical sectors of the economy to boost national economic growth.

The challenge of accessing credit, especially for Small and Medium Enterprises (SMEs), remains a significant obstacle in the country.

In his New Year message to Nigerians on Wednesday, President Tinubu announced that the Federal Government would establish the National Credit Guarantee Company. The initiative aims to expand risk-sharing mechanisms for financial institutions and enterprises, with operations set to commence before the end of the second quarter.

He explained that the company would be a partnership involving government institutions such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, alongside private sector players and multilateral organizations.

The President emphasized that the initiative would bolster the financial system’s confidence, improve credit access, and support underserved groups, including women and youth.

“It will drive growth, re-industrialization, and better living standards for our people,” he assured.

President Tinubu highlighted positive economic indicators, stating that fuel prices have gradually decreased and Nigeria recorded foreign trade surpluses for three consecutive quarters.

“Foreign reserves have risen, and the Naira has strengthened against the US dollar, bringing greater stability.

“The stock market’s record growth has generated trillions of naira in wealth, and the surge in foreign investment reflects renewed confidence in our economy. Nevertheless, the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024,” he added.

He reiterated his administration’s commitment to implementing reforms to achieve sustainable growth and prosperity.

“I seek your cooperation and collaboration at all times as we pursue our goal of a one trillion-dollar economy. Let us stay focused and united.

“We are on the right path to building a great Nigeria that will work for everyone. Let us not get distracted by a tiny segment of our population that still sees things through the prisms of politics, ethnicity, region, and religion.

“As we enter 2025, I wish everyone a happy and prosperous New Year. May you be rich in joy, success, and good health.

“As the new year dawns, it brings many hopes, aspirations, and prospects for better days. By the grace of God, 2025 will be a year of great promise in which we will fulfill our collective desires,” he said.