LCCI, NICA hail Tinubu’s new year message, back National Credit Guarantee Company

Lagos Chamber of Commerce and Industry (LCCI), and National Institute of Credit Administration (NICA), have lauded President Bola Tinubu’s 2025 speech, stressing that it has a critical themes relevant to the nation’s growth.

The both, however, in separate messages are in support of the President Tinubu-led administration to establish the National Credit Guarantee Company (NCGC) by the end of the second quarter of 2025.

Tinubu emphasised his administration’s commitment to economic growth through increased credit access.

LCCI stated  that the themes were such that could even help Nigeria achieve her goals of becoming a $1 trillion economy through more collaborations with the international community and improving the country’s business environment.

These critical themes, it added, included the announcement of National Credit Guarantee Company, President’s desire to work more collaboratively with the international community and his focus on ethical citizenship and shared values.

In a response by the Director General of LCCI, Dr. Chinyere Almona, the institution reiterated her concerns about the consistency of policies and the reforms currently being driven by the government.

Almona said: “The National Credit Guarantee Company announcement represents a critical step toward unlocking access to credit, particularly for women, youth, and small-scale enterprises.

“If implemented effectively and efficiently, it can boost demand for goods from agro-producers and industries, and this can improve the capacity utilisation of manufacturers and the capacity to create more jobs in the mid-term.

“We, however, emphasise the need for swift operationalisation and a transparent framework to avoid bureaucratic bottlenecks,” noting that the president’s desire to work more collaboratively with the international community was a good idea.”

The Registrar/Chief Executive Officer, NICA, Prof.  Chris Onalo, in a statement stated that the establishment of NCGC, is set to revolutionise access to credit for individuals and key sectors of the economy.

He stated, “In this New Year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.

“To achieve this, the Federal Government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.”

NICA, a chartered professional regulatory institute dedicated to the management of the credit management profession in Nigeria, stated that it strongly supports this initiative.

According to NICA, “this development marks a critical step in addressing the challenges that micro, small, and medium enterprises (MSMEs) face in accessing business loan credit—a key driver of sustainable economic growth and development.”

NICA also recalls its earlier proposal for establishing a National Credit Guarantee Corporation, submitted to the government in September 2024 through the Office of the Vice President.

It noted that this aligns with the institute’s statutory mandate under Section 1, Subsection 2(f) of the NICA Establishment Act, which empowers the institute to “consult with and make recommendations to the government, regulatory bodies, trade associations, the academic community, and other professional bodies on all matters related to credit management.”

The statement said, “As a trusted partner in advancing Nigeria’s credit culture, NICA stands ready to provide strategic initiative, advice, and support to the government and stakeholders in implementing this vital initiative.

“The NCGC is expected to catalyse job creation, stimulate robust economic activities, and enhance the resilience of Nigeria’s economy by providing access to credit through a National Credit Guarantee Scheme.”