NICA backs FG on national credit guarantee company

The National Institute of Credit Administration has expressed support for the planned National Credit Guarantee Company expected to come to life by the end of the second quarter of 2025.

This was disclosed in a statement signed by NICA’s Registrar/Chief Executive Officer, Prof Chris Onalo, where he said the move would boost access to credit for Nigerians.

President Bola Tinubu in his New Year message disclosed that the Federal Government would establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.

Reacting to the President’s speech, NICA said it marked a critical step in addressing the challenges that micro, small, and medium enterprises face in accessing business loan credit—a key driver of sustainable economic growth and development.

“As a trusted partner in advancing Nigeria’s credit culture, NICA stands ready to provide strategic initiative, advice, and support to the government and stakeholders in implementing this vital initiative.

“The NCGC is expected to catalyse job creation, stimulate robust economic activities, and enhance the resilience of Nigeria’s economy by providing access to credit through a National Credit Guarantee Scheme.”

NICA is a chartered professional regulatory institute dedicated to the management of the credit management profession in Nigeria.

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