By Calista Oyeoba / Posted January 3,2025
President Bola Tinubu has announced plans by his government to establish a National Credit Guarantee Company (NCGC), with the aim of reducing food and drug prices in Nigeria.
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This initiative is part of the government’s efforts to ease the cost of living, reduce inflation, support small businesses and bolster an inclusive economic safety net for all citizens.
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The NCGC, expected to start operations by mid-2025, will provide loans to businesses, making it easier for them to produce goods locally and engage in other micro-economic eneterprises.
This move is designed to provide a unified platform in order to reduce risks for businesses, increase local production, and make food and medicine more affordable for Nigerians.
Prominent institutional partners that have weighed in on this initiative includes the Bank of Industry, Nigerian Consumer Credit Corporation, Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated. Other development and multilateral institutions in the private sector have signposted their support for the intervention.
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NOTE: Calista is on Student Industrial Work Experience Scheme (SIWES) at DDNEWSONLINE.COM from the Department of Mass Communication, Ekocity Polytechnic, Lagos.