Managing Director /Chief Executive Officer, National Credit Guarantee Company (NCGC) Bonaventure Okhaimo, says the visionary leadership of President Bola Ahmed Tinubu led to the establishment of the National Credit Guarantee Company (NCGC).
Okhaimo who said this during his welcome address at the maiden stakeholders’ engagement forum organised in Lagos by NCGC noted that the launch of NCGC would boost credit access for Micro, Small, and Medium Enterprises, local manufacturers, and credit consumers.
He said “By providing this much-needed safety net, we aim to expand access to finance to MSMEs, local manufacturers and credit consumers; thereby minimizing the risk exposure of Participating Financial. Institutions (PFIs), lowering default rates, and ultimately driving economic growth and promoting financial inclusion.
“Our success hinges on inclusive partnerships and collaboration with all stakeholders in the financial ecosystem. We firmly believe that by working together, we can build a more inclusive, resilient, and dynamic credit market in Nigeria. To achieve this, we will partner with PFIs, leverage data and technology, engage industry groups, build capacity, raise public awareness, and advocate for enabling credit policies.”
Okhaimo said that “The NCGC has been established as a strategic partner to complement existing interventions by Development Finance Institutions, financial institutions, and government initiatives in tackling credit constraints.
With a N100bn initial capital, the company will provide partial credit guarantees to cover a portion of potential loan defaults, thereby reducing the risks for lenders and encouraging increased credit availability.
The NCGC boss noted that despite the country’s growing economy, many MSMEs and local manufacturers still face significant challenges in accessing credit due to a lack of collateral, high-risk perception, and high borrowing costs.
He said the company’s mandate is to provide a much-needed safety net to expand access to finance, minimize risk exposure, and drive economic growth.
In his keynote address Biodun Adedipe, founder/chief consultant of B. Adedipe Associates Limited said the NCGC is a long-awaited institutional intervention in the Nigerian credit market.
“It is that component of the credit market that can strongly drive inclusive growth and deepen industrial manufacturing. All stakeholders should collaborate to make it work. Perhaps the greatest risks are moral hazard and political interference. It has potential to operate profitably”.
“The company has started on a good note with well-defined modus operandi and mechanics, and it has a solid leadership team,” Adedipe said.
Managing Director /Chief Executive Officer, National Credit Guarantee Company (NCGC) Bonaventure Okhaimo, says the visionary leadership of President Bola Ahmed Tinubu led to the establishment of the National Credit Guarantee Company (NCGC).
Okhaimo who said this during his welcome address at the maiden stakeholders’ engagement forum organised in Lagos by NCGC noted that the launch of NCGC would boost credit access for Micro, Small, and Medium Enterprises, local manufacturers, and credit consumers.
He said “By providing this much-needed safety net, we aim to expand access to finance to MSMEs, local manufacturers and credit consumers; thereby minimizing the risk exposure of Participating Financial. Institutions (PFIs), lowering default rates, and ultimately driving economic growth and promoting financial inclusion.
“Our success hinges on inclusive partnerships and collaboration with all stakeholders in the financial ecosystem. We firmly believe that by working together, we can build a more inclusive, resilient, and dynamic credit market in Nigeria. To achieve this, we will partner with PFIs, leverage data and technology, engage industry groups, build capacity, raise public awareness, and advocate for enabling credit policies.”
Okhaimo said that “The NCGC has been established as a strategic partner to complement existing interventions by Development Finance Institutions, financial institutions, and government initiatives in tackling credit constraints.
With a N100bn initial capital, the company will provide partial credit guarantees to cover a portion of potential loan defaults, thereby reducing the risks for lenders and encouraging increased credit availability.
The NCGC boss noted that despite the country’s growing economy, many MSMEs and local manufacturers still face significant challenges in accessing credit due to a lack of collateral, high-risk perception, and high borrowing costs.
He said the company’s mandate is to provide a much-needed safety net to expand access to finance, minimize risk exposure, and drive economic growth.
In his keynote address Biodun Adedipe, founder/chief consultant of B. Adedipe Associates Limited said the NCGC is a long-awaited institutional intervention in the Nigerian credit market.
“It is that component of the credit market that can strongly drive inclusive growth and deepen industrial manufacturing. All stakeholders should collaborate to make it work. Perhaps the greatest risks are moral hazard and political interference. It has potential to operate profitably”.
“The company has started on a good note with well-defined modus operandi and mechanics, and it has a solid leadership team,” Adedipe said.
About The Author
