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The National Insurance Commission (NAICOM) and the National Credit Guaranty Company (NCGC) have moved to deepen their partnership to ease financing barriers and stimulate inclusive economic growth for Nigerian businesses and consumers.
The initiative was highlighted during a recent courtesy visit by NCGC’s management to the Commissioner for Insurance, Mr. Olusegun Omosehin, where discussions focused on expanding credit access for MSMEs, local manufacturers, and consumer credit customers across the country.
The Managing Director of NCGC, Mr. Bonoventure Okhaimo, introduced the company as a private limited entity licensed by the Central Bank of Nigeria in August 2025 to “catalyse access to finance through innovative partial credit guarantees, strong governance standards, and technology-driven processes.”
He explained that NCGC operates two major guarantee products, the National Individual Guarantee and Portfolio Guarantee, designed to “reduce credit risk, unlock lending capacity, and expand financial inclusion across key economic sectors.”
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Okhaimo said the company is working to “strengthen partnerships between credit guarantors, banks, insurers, and regulators” in order to mobilise capital, protect lenders from excessive risk exposure, and support sustainable economic expansion. He also called for stronger collaboration with NAICOM to create a platform where insurers and credit guarantee institutions can engage more effectively, explore syndication opportunities, deploy reinsurance solutions, and improve overall market confidence.
Responding, the Commissioner for Insurance welcomed the partnership drive, reaffirming NAICOM’s commitment to expanding access to finance for MSMEs, manufacturers, and consumer credit users nationwide. He described the initiative as consistent with broader efforts to deepen financial sector resilience and support real sector growth.
He noted that stronger cooperation between insurance and credit guarantee institutions would help “build trust in the financial system, improve risk-sharing mechanisms, and support Nigeria’s economic diversification agenda.”
Both institutions pledged to continue working together to promote innovative financing solutions, strengthen sectoral linkages, and accelerate inclusive economic opportunities for Nigerians.
