President Bola Ahmed Tinubu has unveiled a bold plan to enhance credit access for individuals and key sectors of the Nigerian economy, aiming to drive national economic growth and improve living standards. In his New Year’s address on Wednesday, the President assured citizens that his administration would tackle the persistent challenges that have hindered access to credit, particularly for Small and Medium Enterprises (SMEs).
Tinubu announced that the Federal Government would establish the National Credit Guarantee Company to facilitate risk-sharing instruments for financial institutions and enterprises. According to him, the company is expected to commence operations by the end of the second quarter of 2025.
“This initiative is a partnership of government institutions, including the Bank of Industry, Nigerian Consumer Credit Corporation, Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, alongside private sector and multilateral institutions,” Tinubu explained.
The President emphasized that the initiative would bolster the financial system’s confidence, increase access to credit, and provide significant support to underserved groups such as women and youth.
“It will drive growth, re-industrialization, and better living standards for our people,” he affirmed.
Highlighting recent economic gains, Tinubu noted that 2024 ended on an encouraging note for the Nigerian economy. He cited a gradual decrease in fuel prices, foreign trade surpluses recorded for three consecutive quarters, and an increase in foreign reserves.
“The Naira has strengthened against the US dollar, providing greater stability. Additionally, record-breaking growth in the stock market has generated trillions of naira in wealth, while surging foreign investments demonstrate renewed confidence in our economy,” he said.
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However, he acknowledged that challenges persist, particularly concerning the high cost of food and essential drugs, which remains a burden for many Nigerian households.
President Tinubu reiterated his administration’s commitment to implementing reforms that would foster long-term economic stability and prosperity. He outlined his vision for transforming Nigeria into a trillion-dollar economy, calling for unity and cooperation among citizens.
“We are on the right path to building a great Nigeria that works for everyone. Let us not be distracted by a small segment of our population still clinging to divisions based on politics, ethnicity, region, or religion,” he urged.
The President concluded his address with a message of hope and goodwill, stating, “As we enter 2025, I wish everyone a happy and prosperous New Year. May this year bring joy, success, and good health to all Nigerians. Together, we will fulfill our collective aspirations and achieve the Nigeria of our dreams.”
