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President Bola Tinubu has reaffirmed his commitment to moving Nigeria towards a credit-based economy.
The President gave the assurance in a statement posted on his verified X account on Monday.
Tinubu said the initiative would include the establishment of a loan guarantee scheme aimed at helping small businesses overcome barriers to accessing finance.
He said the scheme would make it easier for small businesses to obtain credit and support their growth.
According to the President, a worker with access to credit could buy what the family needs and pay over time, and a small business can invest today against the income it expects tomorrow.
“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.
“That promise was about something practical. We have been building the institutions to make that possible. Through CREDICORP, working Nigerians can access consumer credit.
“Our students can finance their education through NELFUND, while the Bank of Industry and Development Bank of Nigeria continue to lend to businesses.
“The National Credit Guarantee Company takes on one of the hardest barriers to business credit,” he tweeted.
