NCGC and SMEDAN Partner to Boost MSME Financing Access

The Nigeria Credit Guarantee Company (NCGC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) signed a memorandum of understanding at NCGC headquarters in Abuja to enhance access to financing for micro, small, and medium enterprises (MSMEs) across Nigeria. This partnership aims to strengthen financial inclusion and support enterprise development, addressing the major constraint of access to affordable finance for small businesses.

Dr. Bonaventure Okhaimo, Managing Director and Chief Executive Officer of NCGC, described the collaboration as a strategic intervention that aligns with the federal government's efforts to support entrepreneurship and unlock economic opportunities.

The partnership will enable NCGC to facilitate N32.78 billion in credit and provide N13.09 billion in guarantees, allowing 1,478 businesses to obtain financing and create or preserve at least 1,682 jobs. Mr.

Charl Odii, Director General of SMEDAN, emphasized the importance of this partnership in tackling financial challenges faced by small businesses, particularly nano and micro enterprises, and in driving inclusive economic growth and job creation.