Tinubu promises credit-based economy, loan guarantee for small businesses

President Bola Tinubu has reassured Nigerians that his administration will move the country toward a credit-based economy, reiterating a campaign promise made during his election bid. In a statement posted on his verified X account on Monday, Tinubu said the government will establish a loan guarantee scheme designed to help small businesses overcome the financing barriers that keep them from accessing credit.

He explained that the initiative is practical: workers with access to consumer credit can purchase household goods and pay over time, while small businesses can invest today against the income they expect tomorrow. To support this, Tinubu pointed to existing institutions—CREDICORP offers consumer credit to working Nigerians, NELFUND finances students' education, and the Bank of Industry together with the Development Bank of Nigeria continue to lend to enterprises. The newly highlighted National Credit Guarantee Company will assume one of the toughest obstacles to business credit by providing guarantees that reduce lenders' risk.

While the President did not disclose specific loan amounts, interest rates, or launch dates for the guarantee scheme, he affirmed that the structures are already being built. For entrepreneurs and workers seeking credit, the message is clear: explore available channels such as CREDICORP for personal loans, NELFUND for education financing, and the Bank of Industry or Development Bank for business support, while watching for further details on the National Credit Guarantee Company's offerings.

Will you check your eligibility for CREDICORP or NELFUND now, or wait for the guarantee scheme details before approaching lenders for your business or personal needs?

SOURCE: https://dailypost.ng/2026/09/28/i-promised-you-credit-based-economy-tinubu/