President Bola Tinubu said his administration plans to float a National Credit Guarantee Company, to expand risk sharing instruments for financial institutions and enterprises.
BusinessDay reports that the President, in his new year message, expressed confidence that 2025 will bring many hopes, aspirations, and prospects for better days.
The Company—expected to start operations before the end of the second quarter—is a partnership of government institutions, such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, the private sector, and multilateral institutions.
“This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people.”
“By the grace of God, 2025 will be a year of great promise in which we will fulfill our collective desires”
The President while admitting that 2024 posed numerous challenges to Nigerians and households, said 2025 will bring brighter days.
The President who harped on increases foreign reserves and the prospects for Naira strengthening, added that these were indications that the economy will stabilise in 2025
“Economic indicators point to a positive and encouraging outlook for our nation. Fuel prices have gradually decreased, and we recorded foreign trade surpluses in three consecutive quarters.
“The stock market’s record growth has generated trillions of naira in wealth, and the surge in foreign investment reflects renewed confidence in our economy. Nevertheless, the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024.”
He also expressed the government’s commitments to intensifying efforts to lower the cost of living by boosting food production and promoting local manufacturing of essential drugs and other medical supplies.
