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President Bola Tinubu has reiterated his commitment to transitioning Nigeria towards a credit-based economy.

The President made the commitment in a statement shared on his verified X handle on Monday.

Tinubu explained that the initiative would include establishing a loan guarantee scheme designed to help small businesses overcome financial barriers limiting their access to funding.

According to the President, a worker who has access to credit can purchase what the family needs and spread the payment over time, while a small business can make investments today based on the income it expects to generate tomorrow.

“When I sought your mandate, I promised to move Nigeria towards a credit-based economy and to establish a loan guarantee scheme that would help small businesses overcome the barriers that keep them from finance.

“That promise was about something practical. We have been building the institutions to make that possible. Through CREDICORP, working Nigerians can access consumer credit.

“Our students can finance their education through NELFUND, while the Bank of Industry and Development Bank of Nigeria continue to lend to businesses.

“The National Credit Guarantee Company takes on one of the hardest barriers to business credit,” he tweeted.

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