President Bola Tinubu has reaffirmed his commitment to moving Nigeria towards a credit-based economy.
Tinubu stated this in a post on his verified X handle on Monday, explaining that the initiative includes establishing a loan guarantee scheme to help small businesses overcome barriers to accessing finance.
He said access to credit would enable workers to meet immediate family needs and repay over time, while allowing small businesses to invest based on expected future income.
“When I sought your mandate, I promised to move Nigeria towards a credit-based economy and to establish a loan guarantee scheme that would help small businesses overcome the barriers that keep them from finance,” Tinubu said.
The President said the government had been building institutions to support the initiative, noting that the Credit Corporation (CREDICORP) provides consumer credit to working Nigerians.
He added that students could finance their education through the Nigerian Education Loan Fund (NELFUND), while the Bank of Industry and Development Bank of Nigeria continue to provide loans to businesses.
Tinubu also highlighted the National Credit Guarantee Company, saying it was designed to address one of the major barriers to accessing business credit.
