President Bola Tinubu has reaffirmed his commitment to boosting Nigeria’s economy by expanding access to credit for individuals and key economic sectors.
In his New Year message on Wednesday, Tinubu announced plans to establish the National Credit Guarantee Company, a strategic initiative aimed at addressing the longstanding challenges faced by Small and Medium Enterprises in securing loans.
The President disclosed that the National Credit Guarantee Company, expected to commence operations by the second quarter of 2025, will facilitate risk-sharing mechanisms for financial institutions and businesses.
The initiative is a collaborative effort involving government entities such as the Bank of Industry, Nigerian Consumer Credit Corporation, Nigerian Sovereign Investment Authority, and Ministry of Finance Incorporated, as well as private sector and multilateral organizations.
Tinubu explained that the program will enhance confidence in the financial system, broaden credit opportunities, and target underserved demographics, particularly women and youth.
“This initiative will drive growth, re-industrialization, and improved living standards for our people,” the President said.
Highlighting positive economic trends, Tinubu noted that fuel prices have stabilized, foreign reserves have increased, and the Naira has appreciated against the US dollar, contributing to greater financial stability. Nigeria has also recorded trade surpluses for three consecutive quarters, and the stock market’s unprecedented growth has created significant wealth for citizens.
“The surge in foreign investment reflects renewed confidence in our economy,” Tinubu added.
However, he acknowledged persistent challenges such as high food and essential drug costs, emphasizing that his administration remains committed to addressing these issues.
As Nigeria works toward becoming a one-trillion-dollar economy, Tinubu urged citizens to remain united and focused, dismissing divisive narratives based on politics, ethnicity, or religion.
“We are on the right path to building a great Nigeria that works for everyone. Let us not get distracted by a tiny segment of our population that still sees things through the prisms of politics, ethnicity, region, and religion,” he stated.
Tinubu expressed optimism for the year ahead, assuring Nigerians that 2025 holds great promise for fulfilling collective aspirations.
“As the new year dawns, it brings many hopes, aspirations, and prospects for better days. By the grace of God, 2025 will be a year of great promise in which we will fulfill our collective desires,” he concluded, wishing Nigerians a prosperous New Year.
The administration’s commitment to necessary reforms aims to foster sustainable growth and prosperity, positioning Nigeria on the global stage as a robust and inclusive economy. Tinubu’s message reflects a vision of economic transformation, resilience, and shared progress in the new year.
