The Federal Government has inaugurated the Board of Directors of the National Credit Guarantee Company Limited (NCGC Ltd), a new institution created to enhance access to affordable financing for Nigeria’s micro, small, and medium enterprises (MSMEs).
The ceremony, held Thursday in Abuja, was led by Vice President Kashim Shettima, who described the NCGC as a vital tool for driving economic inclusion and grassroots development.
“This is our response to a stubborn challenge that has stifled our economic potential for decades: access to finance,” Shettima said in a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications.
“Our entrepreneurs don’t seek handouts—they seek confidence in their ideas from our financial institutions.”
Bridging the MSME Credit Gap
The NCGC aims to address longstanding barriers that have kept MSMEs from securing loans, including lack of collateral and limited institutional trust. It will provide credit guarantees that reduce lenders’ risk, encouraging financial institutions to extend credit to small businesses.
“NCGC is that bridge,” Shettima noted. “It ensures that farmers, artisans, traders, and start-ups across Nigeria can access the capital they need to grow.”
The creation of the NCGC was first announced by President Bola Ahmed Tinubu during his Democracy Day address on May 29, 2025.
Leadership and Governance
The board is chaired by former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, with Mr. Bonaventure Okhaimo appointed as Managing Director and CEO. Other key members include:
- Mrs. Tinoula Aigwedo – Executive Director, Strategy and Operations
- Dr. Ezekiel Oseni – Executive Director, Risk Management
- Ms. Yeside Kazeem – Independent Non-Executive Director
Non-executive directors representing key financial institutions include:
- Mr. Aminu Sadiq-Umar – MD, Nigeria Sovereign Investment Authority
- Dr. Olasupo Olusi – MD/CEO, Bank of Industry
- Mr. Uzoma Nwagba – MD, Nigeria Consumer Credit Corporation
- Mrs. Oluwakemi Owonubi – Representative, Ministry of Finance Incorporated
Shettima urged the board to lead with “prudence, courage, accountability, and ambition,” stressing that their task is to translate policy into impact.
Collaboration and Impact
Dr. Olasupo Olusi highlighted that the NCGC’s establishment reflects the collaborative efforts of institutions including the Bank of Industry, Ministry of Finance Incorporated, Nigerian Consumer Credit Corporation, Nigeria Sovereign Investment Authority, and the World Bank.
He emphasized that the NCGC is key to removing structural barriers to finance, enabling MSMEs, manufacturers, and consumers to thrive. The initiative is expected to fuel inclusive economic growth, job creation, and increased contributions to Nigeria’s GDP.
