FG Expresses Commitment to Ensure NCGC Shares 60% of Credit Risk with Financial Institutions Supporting MSMEs

Ndubuisi Francis in Abuja

The federal government has expressed commitment to continue to provide institutional support and guidance to ensure that the National Credit Guarantee Company Limited (NCGC) delivers on its mandate of sharing up to 60 per cent of credit risk with financial institutions supporting Micro, Small and Medium Enterprises (MSMEs). The government stated that this would help unlock the much-needed financing for MSMEs and manufacturers, facilitate diversification, and protect the economy against external shocks.

Minister of State for Finance, Dr. Doris Uzoka-Anite, gave the assurance on Wednesday, when the board members of NCGC, led by its Managing Director/Chief Executive Officer, Mr. Bonaventure Okhaimo, paid her a courtesy visit in Abuja
Uzoka-Anite praised the NCGC leadership for the rapid and professional manner in which the company was established, aligning with President Bola Tinubu’s Renewed Hope Agenda to strengthen Nigeria’s industrial capacity and foster inclusive growth.

In a statement by the ministry’s Director, Information and Public Relations, Mohammed Manga, the minister stated that the success of any institution rested on the calibre of its people.

“I have full confidence in the leadership and management of the National Credit Guarantee Company Limited to deliver on this vital mandate,” she said.
The statement added, “Dr. Uzoka-Anite emphasised that the ministry will continue to provide institutional support and guidance to ensure NCGC delivers on its role of sharing up to 60 per cent of credit risk with financial institutions, which will help unlock the much-needed financing for MSMEs and manufacturers, facilitate diversification, and cushion the economy against external shocks.”

Speaking earlier, Okhaimo expressed his appreciation to the minister for her encouragement. He pledged that the company would remain steadfast in its mission to catalyse credit access across the country, while also assuring of the organisation’s commitment to accelerating credit access across the nation.
“We are structured to provide assurance to lenders, thereby stimulating credit flow to productive sectors of the economy,” Okhaimo said
In her remarks, Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, commended the progress in launching NCGC and reaffirmed the ministry’s readiness to support this institution.

Jafiya stated, “We commend the progress in launching NCGC and reaffirm the ministry’s readiness to support this institution fully. With the right structures and leadership now in place, we are confident the company will play a transformative role in de-risking lending and empowering SMEs and manufacturers.”
The National Credit Guarantee Company Limited, which now reports to the Federal Ministry of Finance, is one of the newest agencies created by the federal government in a bid towards bridging structural financing gaps, promoting industrial advancement, and broadening financial inclusion.