FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development, the Federal Government has reiterated its commitment to expanding access to finance for Micro, Small, and Medium Enterprises (MSMEs), manufacturers, and individuals, which are key drivers of economic resilience and job creation in the country.

The Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite gave the assurance in her office in Abuja when the Board Members of the National Credit Guarantee Company Limited (NCGC), led by its Managing Director/Chief Executive Officer, Mr. Bonaventure E. Okhaimo paid her a courtesy visit.

She praised the NCGC leadership for the rapid and professional manner in which the Company was established, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda to strengthen Nigeria’s industrial capacity and foster inclusive growth.

The Minister stated that the success of any institution rests on the calibre of its people. I have full confidence in the leadership and management of the National Credit Guarantee Company Limited to deliver on this vital mandate, she said.

Dr Uzoka-Anite emphasised that the Ministry of Finance will continue to provide institutional support and guidance to ensure NCGC delivers on its role of sharing up to 60% of credit risk with financial institutions, which will help unlock the much-needed financing for MSMEs and manufacturers, facilitate diversification, and cushion the economy against external shocks.

Speaking earlier, the Managing Director/Chief Executive Officer of NCGC, Mr. Bonaventure Okhaimo expressed his appreciation to the Minister for her encouragement and pledged that NCGC would remain steadfast in its mission to catalyse credit access across the country, while also assuring of the organisation’s commitment to accelerating credit access across the nation. We are structured to provide assurance to lenders, thereby stimulating credit flow to productive sectors of the economy, Okhaimo said

In her remarks, the Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya commended the progress in launching NCGC and reaffirmed the Ministry’s readiness to support this institution.

We commend the progress in launching NCGC and reaffirm the Ministry’s readiness to support this institution fully. With the right structures and leadership now in place, we are confident the company will play a transformative role in de-risking lending and empowering SMEs and manufacturers.

The National Credit Guarantee Company Limited, which now reports to the Federal Ministry of Finance, is one of the newest agencies created by the Federal Government. Its establishment marks a significant step toward bridging structural financing gaps, promoting industrial advancement, and broadening financial inclusion.

spot_img
spot_img
spot_img
spot_img
spot_img

Hot this week

AFRACA-NIRSAL Masterclass Builds Financial Institutions’ Capacity for Climate, AI-Driven Agricultural Finance

The African Rural and Agricultural Credit Association (AFRACA), in...

Shell Reinforces Safety Commitment at CEO Contractors Forum

Shell leaders and Contractor CEOs at the Annual Shell...

Guinea Insurance Receives New Licence from NAICOM Post-Recapitalisation

L-R: Ademola Abidogun, Managing Director/CEO, Guinea Insurance Plc and...

AXA Mansard Reports N7.8bn H1 Profit, Capital Base Meets Recapitalisation Threshold

AXA Mansard Insurance Plc has sustained its growth momentum...

AXA Mansard Health Int’l Health Plan Covers Cancer, Other Chronic Health Conditions

 Mr. Tope Adeniyi CEO AXA Mansard Health AXA Mansard Health’s International Healthcare...

Topics

FRSC Celebrity Special Marshals, Unit 2, Flags Off End of Year Campaign

As part of its efforts to reduce road crash...

The Impact of Low Oil Prices on sub-Saharan Africa

Growth picked up in sub-Saharan Africa in 2014, after moderating in 2013, but remained weaker than during the pre-crisis years. It softened around the turn of the year owing to headwinds from the plunge in the price of oil. Sub-Saharan Africa’s oil exporters, which account for nearly half of the region’s aggregate output, have been hit hard by the sharp decline in the price of oil. From June 2014 to January 2015, oil prices fell by nearly 50%, and have remained low despite the recent uptick.

NASENI, Imose Unveil Made-in Nigeria Laptops, Tablets

The National Agency for Science and Engineering Infrastructure (NASENI) and...

Sovereign Trust Insurance Catch-Them-Young Initiative Berths at Igbobi College

L-R: Adeleye Abolade, Political Consultant and Facilitator; Adetona Elizabeth,...

Banks, Telecoms, Mobility Brands Dominate Q1 2025 Media Performance Charts

Following the Central Bank of Nigeria’s directive to harmonize...

NSE Celebrates Global Money Week to Promote Financial Literacy

L – R shows  Chinelo Okafor, Children Banking, Access...

AMCON Takes over Senator Stella Oduah’s Assets

Stella Oduah Hon. Justice M.S. Hassan of the Federal High...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img