I promised you credit-based economy – Tinubu

President Bola Tinubu has assured the Nigerian people that the country is moving towards a credit-based economy. This decision was made known through a statement posted on his verified X account on Monday. Tinubu explained that the aim is to create a loan guarantee scheme that would assist small businesses in overcoming the financial barriers that hinder their growth.

According to the President, individuals with access to credit can purchase the necessities for their families and repay the loan over time. Similarly, small businesses can invest in their ventures today, confident that they will have income in the future. Tinubu reiterated his promise made during the campaign, stating that he intended to transition Nigeria towards a credit-based economy.

This promise was practical, he explained, as institutions such as CREDICORP, NELFUND, the Bank of Industry, and the Development Bank of Nigeria have been working towards making this vision a reality. The National Credit Guarantee Company, Tinubu added, plays a crucial role in tackling one of the most significant obstacles to obtaining business credit.