Tinubu promises to boost credit access for individuals, critical sectors

President Bola Tinubu has vowed to deepen credit access for citizens and critical sectors of the economy in his bid to boost national economic output.

Access to credit for individuals and businesses has remained a bottleneck especially for Small and Medium Enterprises in the country.

In his New Year message to Nigerians on Wednesday, the President said to achieve the feat, the Federal Government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.

According to him, the company is expected to start operations before the end of the second quarter, saying that it 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.

He pointed out that the 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-industrialization, and better living standards for our people,” he assured all.

He noted that economic indicators point to a positive and encouraging outlook for the nation, stressing that fuel prices have gradually decreased, and Nigeria recorded foreign trade surpluses in three consecutive quarters.

“Foreign reserves have risen, and the Naira has strengthened against the US dollar, bringing greater stability.

“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 added.

He also promised that his administration would continue to embark on necessary reforms to foster sustainable growth and prosperity for the nation.

“I seek your cooperation and collaboration at all times as we pursue our goal of a one trillion-dollar economy. Let us stay focused and united.

:We are on the right path to building a great Nigeria that will work for everyone. Let us not get distracted by a tiny segment of our population that still sees things through the prisms of politics, ethnicity, region, and religion.

“As we enter 2025, I wish everyone a happy and prosperous New Year. May you be rich in joy, success, and good health.

“As the new year dawns, it brings many hopes, aspirations, and prospects for better days. By the grace of God, 2025 will be a year of great promise in which we will fulfill our collective desires,” he added.