The National Credit Guarantee Company (NCGC) today formalized strategic partnerships with leading Participating Financial Institutions (PFIs) through the signing of a Memorandum of Understanding (MoU) at the Victoria Hall, Lagos Continental Hotel, Victoria Island.
The ceremony, attended by top executives from the financial services sector, development partners, and key stakeholders, marks a significant milestone in Nigeria’s journey toward inclusive economic growth and unlocking access to finance.
Through this partnership, NCGC will provide credit guarantee solutions that de-risk lending to youth and women-led enterprises, while also supporting Micro, Small, and Medium Enterprises (MSMEs), local manufacturers, and underserved credit consumers. By reducing barriers to finance, PFIs are better positioned to extend credit to underserved businesses and households, while NCGC absorbs a share of the risk.
Speaking at the event, Mr. Bonaventure Okhaimo, Managing Director/CEO of NCGC, emphasized that the initiative is not just about signing documents it is about forging a bold partnership that will reshape how credit is accessed in Nigeria. He noted that MSMEs, which contribute nearly half of Nigeria’s GDP, have long faced barriers to affordable financing due to perceived risks. NCGC was established to bridge this gap through innovative guarantee products, including:
- Individual Guarantees for term loans (up to 5 years) and working capital (up to 24 months), ranging from ₦50 million to ₦10 billion
- Portfolio Guarantees with single obligor limits of ₦50 million and portfolio caps of ₦5 billion
- Partial Credit Guarantees covering up to 60% of loan value
- Co-Guarantees and Technical Assistance to support PFIs
Drawing inspiration from successful global models in India, South Korea, and the UK, NCGC is poised to catalyze inclusive growth and financial stability in Nigeria. The pilot phase will focus on high-impact sectors such as agriculture, fashion, green energy, export-oriented businesses, and education.
Ms. Tinuola Aigwedo, Executive Director of Strategy and Operations, in her interview with the press men, emphasized the transformative potential of the initiative:
“This partnership is not just about financial inclusion it’s about economic empowerment. By unlocking access to credit for youth and women entrepreneurs, we’re laying the foundation for a more resilient and equitable economy.”
She reiterated that the onboarding of PFIs is a major milestone in fulfilling NCGC’s mandate, aligning directly with the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR, which prioritizes youth empowerment, women’s economic inclusion, and support for local enterprises.
In his closing remarks, Professor Oseni, Executive Director of Risk & Credit Control, extended heartfelt appreciation to all PFIs present. He stated:
“We all need one another for the economy to grow. This partnership is the beginning of an exciting journey one that will bring finance to underserved communities and unlock the full potential of Nigeria’s entrepreneurial spirit.”
As part of this pilot phase, NCGC is committing ₦5 billion in credit guarantees to each onboarded Participating Financial Institution, specifically targeting women-owned and youth-led MSMEs. This bold investment is expected to stimulate job creation, strengthen value chains, and improve key financial metrics like credit-to-GDP ratio .
This MoU represents more than a legal agreement it’s a collective pledge to build a more inclusive and resilient financial ecosystem for Nigeria.
