The National Institute of Credit Administration(NICA) the federal government’s plan to launch the National Credit Guarantee Company (NCGC) by the end of June this year. This initiative, announced by President Bola Tinubu during his New Year speech, aims to make it easier for individuals and businesses to access credit, which is essential for economic growth.

Professor Chris Onalo, the registrar and CEO of NICA, expressed strong support for this initiative, emphasizing its importance for micro, small, and medium enterprises (MSMEs) that often struggle to secure business loans. These businesses are crucial for driving sustainable economic development.

Onalo also noted that NICA had previously proposed the idea of a National Credit Guarantee Corporation to the government in September 2024, aligning perfectly with NICA’s mission to help improve credit management in Nigeria.

As a reliable partner in promoting a healthy credit culture, NICA is ready to provide strategies, expert advice, and solid support to help make this project successful. He highlighted how the NCGC has the potential to create jobs, boost economic activities, and strengthen Nigeria’s economy by improving access to credit.

President Tinubu has reinforced his commitment to enhancing economic growth by ensuring that more people and important sectors can obtain credit. He stated, “In this new year, my administration will work to make credit more accessible, which will help to strengthen the nation’s economy.”

With these exciting developments ahead, Nigeria is on a promising path toward greater economic strength and resilience!