The Federal Government of Nigeria has inaugurated the Board of Directors of the National Credit Guarantee Company Limited (NCGC Ltd).
The Board is a new institution tasked with expanding access to affordable financing for the country’s micro, small, and medium enterprises (MSMEs).
The inauguration, held on Thursday, July 3, 2025, in Abuja, was presided over by Vice President Kashim Shettima, who described the NCGC as “a critical engine” for inclusive economic development.
“This is our response to a stubborn challenge that has stifled our economic potential for decades, which is access to finance. These entrepreneurs do not ask for handouts; they ask for the credibility of their ideas to be matched by the confidence of our financial institutions,” Shettima said.
Bridging Financing Gap
The NCGC is designed to serve as a financial backbone for Nigeria’s MSME sector, which has long struggled to access credit.
According to Shettima, the Board will provide credit guarantees that reduce the risk for lenders, thereby encouraging banks and financial institutions to extend loans to small businesses.
“It is the assurance that when a farmer in Ibadan needs a loan to expand her cocoa farm, when a tech start-up in Abuja needs working capital to scale, when a leather artisan in Kano seeks to mechanize his craft, and when a trader in Onitsha needs capital to expand, the system will no longer fail them,” Shettima emphasized.
Leadership and Governance Structure
President Bola Ahmed Tinubu first announced the establishment of NCGC during his Democracy Day address on May 29, 2025, and approved the appointment of its board and executive leadership.
At the heart of the newly established institution is a board chaired by Rt. Hon. Yakubu Dogara, former Speaker of the House of Representatives.
Mr. Bonaventure Okhaimo will serve as Managing Director and Chief Executive Officer, while Mrs. Tinoula Aigwedo and Dr. Ezekiel Oseni have been appointed as Executive Directors for Strategy & Operations and Risk Management, respectively.
Independent oversight is provided by Ms. Yeside Kazeem, while non-executive board members representing key institutions include Mr. Aminu Sadiq-Umar (Nigeria Sovereign Investment Authority), Dr. Olasupo Olusi, Mr. Uzoma Nwagba, and Mrs. Oluwakemi Owonubi.
Vice President Shettima charged the board to lead with accountability and ambition, urging them to turn national economic policy into measurable impact.
“This is a call to deploy your diverse expertise not only as overseers but as enablers of transformation,” he said.
Catalysing Inclusive Growth Through Credit Access
Now formally inaugurated, the NCGC is expected to start operations in the coming months. Its success, experts say, will depend on how well it builds trust among lenders, and how accessible its guarantees are to small businesses.
According to experts, the NCGC will serve as a critical policy lever to unlock domestic capital, encourage responsible lending, and crowd in private sector participation.
If effectively implemented, the National Credit Guarantee Board could become a cornerstone of Nigeria’s effort to lift millions out of poverty, reduce the cost of doing business, and nurture a thriving ecosystem for entrepreneurs.
Talking Points
The inauguration of the National Credit Guarantee Company (NCGC) marks a bold step in addressing one of the biggest challenges facing Nigerian MSMEs, which is access to affordable credit.
By providing guarantees that reduce lending risks for financial institutions, the NCGC offers a practical solution to the issue of collateral requirements that often shut small businesses out of formal financing.
At Techparley, we see this as a strategic move that aligns with Nigeria’s broader goals of economic inclusion and grassroots development.
However, the success of this initiative will depend on how efficiently the guarantees are administered, the ease of access for MSMEs, and how well financial institutions embrace the framework.
For the NCGC to achieve real impact, transparency, speed, and ongoing stakeholder engagement will be critical.
