President Bola Tinubu has reaffirmed his administration’s commitment to transforming Nigeria into a credit-based economy, with a strong focus on helping small businesses and working families overcome barriers to finance.
In a statement posted on his verified X account on Monday, the President recalled his campaign promise to establish a loan guarantee scheme that would make credit more accessible.
“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.
He explained that the goal is practical: a worker with access to credit can buy what the family needs and pay over time, while a small business can invest today against the income it expects tomorrow.
Tinubu highlighted ongoing efforts to build the necessary institutions. Through CREDICORP, working Nigerians can now access consumer credit. Students can finance their education via NELFUND, while the Bank of Industry and the Development Bank of Nigeria continue to provide loans to businesses.
He pointed to the National Credit Guarantee Company as a key solution to one of the toughest obstacles to business lending, signalling that the framework for wider credit access is steadily taking shape.