Federal Government to Expand Access to Finance for MSMEs

The Federal Government, through the National Credit Guarantee Company (NCGC), says it is expanding access to finance for micro, small and medium-sized enterprises (MSMEs) through credit guarantees designed to help businesses secure loans without the need for conventional collateral.

The Managing Director of the company, Bonaventure Okhaimo, disclosed this during the State House periodic briefing in Abuja.

The National Credit Guarantee Company was established in 2025 by the present administration to address barriers to business financing, stimulate private-sector growth and create employment opportunities across the country.

Okhaimo explained that the initiative was designed to make credit more accessible to businesses that often struggle to obtain loans due to inadequate collateral and other lending requirements imposed by financial institutions.

He further disclosed that, through partnerships with 19 banks and other participating financial institutions, the company has reached approximately 174,000 end-borrowers across Nigeria’s 36 states and the Federal Capital Territory.

According to him, the initiative is expected to strengthen the capacity of MSMEs to access the funding required to expand their operations, improve productivity and contribute more significantly to the nation’s economic growth.

He added that the programme also supports the Federal Government’s job creation drive by enabling businesses to grow, sustain existing jobs and create new employment opportunities.

The initiative forms part of the government’s broader efforts to promote financial inclusion, encourage entrepreneurship and strengthen the role of small businesses in Nigeria’s economic development.