President Tinubu has approved the establishment of a new company to reduce surging food and drug prices in Nigeria.
NewsOnline Nigeria reports that President Bola Tinubu has announced the creation of a National Credit Guarantee Company to help lower the prices of food and essential drugs in Nigeria.
The president revealed this in his 2025 New Year message seen by NewsOnline Nigeria.
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The company, starting by mid-2025, will make it easier for businesses to get loans and produce more goods locally.
This plan involves working with groups like the Bank of Industry and private companies.
The goal is to reduce risks for businesses, increase local production, and make food and medicine more affordable for Nigerians.
This move is part of the government’s efforts to ease the cost of living, reduce inflation, and support small businesses and young people.
Tinubu said; “In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.
“To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.
“The Company—expected to start operations before the end of the second quarter—is a partnership of government institutions, such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, the private sector, and multilateral institutions.
“This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people.”
