The Federal Government has officially inaugurated the Board of Directors for the newly established National Credit Guarantee Company Limited (NCGC Ltd), a move designed to expand access to affordable financing for Nigeria’s micro, small, and medium enterprises (MSMEs).
The inauguration, held in Abuja and led by Vice President Kashim Shettima, marks a significant step in addressing what he called a “stubborn challenge” that has hindered economic growth for decades—access to finance. He described the NCGC as a “critical engine” for grassroots development and economic inclusion.
According to Shettima, the NCGC aims to back entrepreneurs who aren’t seeking handouts but need financial institutions to match the credibility of their ideas with support.
The company’s core function is to provide credit guarantees that reduce lending risks for banks and other financial institutions. This will make it easier for MSMEs—many of which are excluded from traditional loans due to collateral requirements and lack of trust—to access credit. Shettima explained that the NCGC would ensure support for a wide range of small businesses, from cocoa farmers in Ibadan to traders in Onitsha and tech startups in Abuja.
First announced by President Bola Ahmed Tinubu during his Democracy Day address in May, the NCGC is part of the government’s broader effort to stimulate economic development through strategic support for MSMEs. The newly appointed board is chaired by a former Speaker of the House of Representatives, while Mr. Bonaventure Okhaimo has been named Managing Director and CEO.
Vice President Shettima urged the board to lead with transparency, courage, and accountability, calling on them to translate national policy into visible impact.
Other executive members include Tinoula Aigwedo (Executive Director, Strategy and Operations), Dr. Ezekiel Oseni (Executive Director, Risk Management), and Yeside Kazeem (Independent Non-Executive Director). Non-executive members represent key national institutions such as the Bank of Industry, Nigeria Sovereign Investment Authority, Ministry of Finance Incorporated, and Nigeria Consumer Credit Corporation.
Speaking at the ceremony, Dr. Olasupo Olusi, Managing Director of the Bank of Industry and a board member, emphasized that the NCGC’s launch is the product of years of collaboration between agencies including the World Bank, BOI, Nigeria Consumer Credit Corporation, and others.
He noted that the company reflects the government’s commitment to breaking long-standing structural barriers limiting MSME growth, manufacturing, and consumer access to finance.
The NCGC is expected to drive inclusive economic growth by helping small businesses scale up, generate employment, and make stronger contributions to the national GDP.
