National Credit Guarantee Company Limited (NCGC) has officially launched operations with N100 billion initial capital to de-risk lending and expand credit access to Micro, Small and Medium Enterprises (MSMEs), local manufacturers, and consumer credit segments in Nigeria.

Speaking at the inaugural Stakeholders’ Engagement Forum in Lagos, the Managing Director of NCGC, Mr Bonaventure Okhaimo, said the company was established under President Bola Ahmed Tinubu’s administration to address critical challenges in Nigeria’s credit ecosystem.

The forum, themed “Unlocking Access to Finance Through Credit Guarantees and Strategic Partnerships,” brought together key stakeholders, including bank managing directors, captains of industry, and development finance institutions, to discuss strategies for unlocking access to finance through credit guarantees and strategic partnerships.

Okhaimo emphasised the company’s mandate to de-risk lending and expand credit access, saying: “NCGC is a catalyst for economic transformation. By providing partial credit guarantees, we aim to empower viable borrowers who face exclusion due to high collateral requirements and perceived risks.”

Founder/Chief Consultant of B. Adedipe Associates Limited and keynote speaker of the forum, Dr Biodun Adedipe, underscored the transformative potential of credit guarantees.

He highlighted that Nigeria’s private sector credit-to-GDP ratio remained among the lowest in Africa and globally, noting that a robust credit guarantee system could stimulate investment and industrial growth.

According to the Executive Director of Strategy and Operations, TinuolaAigwedo, MSMEs make up 50 per cent of Nigeria’s GDP, but have less than five per cent access to formal credit.