NCGC has sealed a landmark deal with Banks to boost credit access for youths and women entrepreneurs in Nigeria.
NewsOnline Nigeria reports that the National Credit Guarantee Company (NCGC) has signed a groundbreaking Memorandum of Understanding (MoU) with leading Participating Financial Institutions (PFIs), aimed at expanding access to credit for youth and women-led enterprises across Nigeria.
The agreement, formalized on Thursday at the Lagos Continental Hotel, Victoria Island, brings together top players in the financial sector, development partners, and policymakers in what stakeholders described as a major milestone for inclusive economic growth.
ALSO: Salesforce Reports Record Q2 Fiscal 2026 Results, Lifts Full-Year Guidance
Under the new framework, NCGC will provide credit guarantee solutions that reduce lending risks for financial institutions, thereby enabling them to extend loans to Micro, Small, and Medium Enterprises (MSMEs), local manufacturers, and other underserved groups.
NCGC Managing Director/CEO, Mr. Bonaventure Okhaimo, said the initiative goes beyond a ceremonial signing, describing it as a bold step toward reshaping Nigeria’s credit landscape.
“MSMEs contribute nearly half of Nigeria’s GDP yet continue to face steep barriers to affordable financing. With these guarantees, we are bridging that gap,” he noted.
The company outlined a range of guarantee products, including individual guarantees of up to ₦10 billion, portfolio guarantees capped at ₦5 billion, and partial credit guarantees covering as much as 60% of loan values. The pilot phase will prioritize high-impact sectors such as agriculture, fashion, green energy, education, and export-oriented businesses.
Speaking to journalists, Ms. Tinuola Aigwedo, Executive Director of Strategy and Operations, underscored the initiative’s transformative potential.
“This partnership is not just about financial inclusion, it’s about economic empowerment. By unlocking credit for youth and women entrepreneurs, we’re laying the foundation for a stronger, more equitable economy,” she said.
The program aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which emphasizes youth empowerment, women’s participation in the economy, and support for local enterprises.
Also addressing participants, Professor Oseni, Executive Director of Risk & Credit Control, expressed gratitude to financial partners, calling the collaboration “the beginning of an exciting journey” that will extend finance to underserved communities and stimulate entrepreneurial growth.
As part of the rollout, NCGC has committed ₦5 billion in credit guarantees per PFI, specifically targeting women-owned and youth-led MSMEs. The initiative is expected to drive job creation, strengthen value chains, and boost Nigeria’s credit-to-GDP ratio.
Industry analysts say the model draws on successful credit guarantee frameworks in countries such as India, South Korea, and the United Kingdom, with potential to unlock long-term stability and inclusive growth in Nigeria.
