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VP Shettima Inaugurates NCGC Board, Says Firm Will Unlock MSME Financing In Nigeria
VP Shettima Inaugurates NCGC Board, Says Firm Will Unlock MSME Financing In Nigeria
By: Our Reporter
Vice President Kashim Shettima has inaugurated the Board of Directors of the National Credit Guarantee Company Limited (NCGC Ltd), charging members to deepen financial inclusion and stimulate Nigeria’s grassroots economy.
The new institution is designed to serve as a financial backbone for micro, small, and medium enterprises (MSMEs) struggling with access to affordable credit.
Speaking on Thursday during the inauguration ceremony at the Presidential Villa, Vice President Shettima said the establishment of NCGC represents the government’s commitment to bridging the financing gap that has long plagued MSMEs across the country.
President Bola Ahmed Tinubu had on May 29, 2025, announced the establishment of the company, just as he also approved the appointment of its board and management team.
The President also appointed former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, as Chairman of the NCGC Board, while Mr. Bonaventure Okhaimo was appointed the Managing Director and Chief Executive Officer.
While inaugurating the board, the Vice President said, “This is our response to a stubborn challenge that has stifled our economic potential for decades—access to finance. These entrepreneurs do not ask for handouts; they ask for the credibility of their ideas to be matched by the confidence of our financial institutions.”
Describing the NCGC as “a critical engine in our pursuit of economic inclusion and sustainable growth,” VP Shettima explained that the company will serve as a vital bridge between entrepreneurs and financial institutions, providing the trust needed for small businesses to secure loans.
He cited instances of farmers, traders, artisans, and tech entrepreneurs across the country who, despite being productive, are often stranded due to a lack of collateral or guarantees.
“NCGC is that bridge. It is the assurance that when a farmer in Ibadan needs a loan to expand her cocoa farm, when a tech start-up in Abuja needs working capital to scale, when a leather artisan in Kano seeks to mechanise his craft, and when a trader in Onitsha needs capital to expand, the system will no longer fail them. It is a promise that productive Nigerians will not be stranded for want of guarantees,” the Vice President said.
To the newly inaugurated board, chaired by former Speaker Dogara, VP Shettima urged its members to combine “prudence with courage, accountability with ambition,” as they translate national policy into impact.
“This is a call to deploy your diverse expertise not only as overseers but as enablers of transformation,” he charged, adding that the new board’s leadership is important in unlocking capital for Nigeria’s most enterprising but underserved sectors.
“On behalf of His Excellency, President Bola Ahmed Tinubu, GFCR, and the Federal Government of Nigeria, I hereby declare the Board of Directors of the National Credit Guarantee Company Limited duly inaugurated,” he stated.
Earlier, the new board’s Chairman, Rt. Hon. Dogara thanked President Tinubu for the bold and courageous leadership he is providing for the country.
“The establishment of NCGC is an attempt to give vent to our democracy to deliver on its promise. As it is said, the promise of democracy is life, liberty and the pursuit of happiness.
“You can be alive and may enjoy all the rights, but if you don’t have the means with which to pursue happiness, you are excluded from the promise of democracy. Our democracy must deliver not just political and individual rights but economic opportunities,” he said.
In his remarks, the Managing Director (MD) of the Bank of Industry (BOI) and member of the board, Dr. Olasupo Olusi, said that the establishment of the NCGC reflects the administration’s unwavering commitment to removing structural barriers that long constrained access to finance for MSMEs, manufacturers, consumers and other segments of the economy.
“This milestone is a result of dedicated hard work by a coalition of partners like BOI, Ministry of Finance Incorporated, Nigerian Consumer Credit Corporation, Nigeria Sovereign Investment Authority and the World Bank, who have all worked closely together under the direction of the Presidential Committee,” he said.
Other members of the board include Mrs. Tinoula Aigwedo, Executive Director of Strategy and Operations; Dr. Ezekiel Oseni, Executive Director, Risk Management; and Ms. Yeside Kazeem, Independent Non-Executive Director.
Representatives from key financial institutions serving as Non-Executive Board Members of the company include Mr. Aminu Sadiq-Umar (MD, Nigeria Sovereign Investment Authority), Dr. Olasupo Olusi (MD/CEO, Bank of Industry), Mr. Uzoma Nwagba (MD, Nigeria Consumer Credit Corporation), and Mrs. Oluwakemi Owonubi (representative of the Ministry of Finance Incorporated).
VP Shettima Inaugurates NCGC Board, Says Firm Will Unlock MSME Financing In Nigeria
Korea Seeks Nigerian Manufacturing Shift, Urges Ratification of 20-Year Tax Treaty
…Ambassador calls for technology transfer, local production and investment beyond oil trade
By: Michael Mike
South Korea has urged Nigeria to restructure its trade relationship with the Asian country by shifting from crude oil exports and imports of manufactured goods to local production, technology transfer and investment in agriculture and industry.
Korean Ambassador to Nigeria, Jeong Yo-an, made the call on Wednesday in Abuja, saying the existing trade pattern had limited the potential of a bilateral relationship worth about $1.1 billion in 2025.
“Today, Nigeria sells us mostly oil and gas. Korea sells mostly cars, electronics and machinery. We can do much more than that,” he said.
Jeong identified local assembly, agricultural machinery production, digital skills, maritime services and emerging industries as priority areas for stronger cooperation.
He also urged Nigeria to ratify the double taxation agreement signed by both countries in 2006, saying the 20-year delay was affecting investor confidence.
He said predictable policies on foreign exchange, customs and taxation were necessary to attract long-term investments.
The ambassador cited the involvement of Korean companies in major Nigerian projects, including Daewoo Engineering and Construction’s work on the Nigeria LNG Train Seven project and the Indorama fertiliser plant. He also named Samsung, LG, Hyundai and Solpia among companies working with Nigerian partners in various sectors.
He encouraged Nigerian businesses to use the Korea Trade-Investment Promotion Agency (KOTRA) office in Lagos to establish links with Korean companies and explore opportunities in the Korean market.
The beauty and cosmetics industry, he added, offered prospects for local distribution, employment and partnerships, with Korean manufacturers expected to participate in the Beauty West Africa exhibition on November 13.
On development cooperation, Jeong said about 2,000 Nigerian government officials had received training in South Korea through the Korea International Cooperation Agency (KOICA).
He said KOICA’s Smart School project, implemented with the Universal Basic Education Commission, had reached about 8,000 pupils and trained more than 300 teachers and school administrators.
He also highlighted the Abuja Centre for Entrepreneurship, being developed in partnership with the Small and Medium Enterprises Development Agency of Nigeria and the United Nations Development Programme. Groundbreaking for the centre took place in September.
The facility is expected to provide young Nigerians with entrepreneurship training, mentorship and connections to finance and markets.
Jeong said Nigerian institutions would operate the centre, while a Training of Trainers programme would build local capacity to sustain its activities.
“A building alone does not create entrepreneurs,” he said, stressing the need to connect start-ups with investors, markets and private-sector operators.
He disclosed that KOICA was also working with the Food and Agriculture Organisation on agricultural initiatives aimed at creating green jobs for Nigerian youths.
Other areas of cooperation include digital development, postgraduate scholarships and government fellowships in information technology, public administration and health. The Nigeria-Korea Information Access Centre, established in Abuja in 2025, is also expected to strengthen digital literacy and access to technology resources.
The ambassador said future partnerships would place greater emphasis on private companies, start-ups and innovators, particularly in artificial intelligence, digital content and technology-based entrepreneurship.
He urged Nigeria to adapt lessons from South Korea’s development experience rather than attempt to replicate its model.
“The key word is not ‘copy’. The key word is ‘adapt’. Nigeria will write its own story. Korea is ready to share what we have learned,” he said.
On diplomatic relations, Jeong cited the 2024 Korea-Africa Summit in Seoul and the first Korea-Africa Foreign Ministers’ Meeting held in June as milestones in strengthening engagement.
He said South Korea welcomed Nigeria’s offer to host the seventh session of the Nigeria-Korea Joint Commission in Abuja.
He also disclosed that South Korea was working towards expanding its Official Development Assistance to $10 billion by 2030 and providing $14 billion in export financing to support Korean companies operating in Africa. The country is also planning to host the second Korea-Africa Summit in 2029.
The ambassador said cultural exchanges remained an important part of bilateral relations, disclosing that more than 300,000 people had participated in programmes organised by the Korean Cultural Centre Nigeria.
He said this year’s Korean Film Festival attracted about 1,000 participants, while the K-pop Festival in Lagos drew more than 400 young people. The 14th Korean Ambassador’s Cup Taekwondo Championship in Abuja also attracted about 350 athletes.
Jeong said the embassy planned to expand cultural activities to more Nigerian cities and universities and promote joint film and music productions. He disclosed that Nigerian creators had already produced two Korean-Nigerian drama productions.
He also pledged to support opportunities for Nigerian journalists to visit South Korea through media exchange programmes, including the World Journalists Conference.
The ambassador, a former military officer who served for 36 years before joining the diplomatic service, said he would focus on practical results during his tenure in Nigeria.
“The army taught me one simple lesson: trust is built when you keep your word. That is how I want to work in Nigeria – with more results,” he said.
Korea Seeks Nigerian Manufacturing Shift, Urges Ratification of 20-Year Tax Treaty
ECOWAS, Germany Open Strategic Dialogue as Berlin Commits €49m to West Africa
By: Michael Mike
The Economic Community of West African States (ECOWAS) and Germany have reaffirmed their commitment to strengthening bilateral cooperation, with Germany committing an additional €49 million to support regional development programmes for 2025 and 2026.
The commitment was highlighted during the opening of the strategic dialogue between ECOWAS and Germany in Abuja.
The Vice-President of the ECOWAS Commission, Anthony Ogunjimi, said the engagement marked a renewed approach to cooperation between the regional bloc and Germany, shifting from the traditional concept of consultation to a more strategic, open and constructive partnership.
He said the new strategic dialogue would provide an opportunity for both parties to deepen collaboration and address issues affecting regional development and the welfare of West African citizens.
Germany, which has been a partner to ECOWAS since 1985, has committed approximately €494 million in bilateral technical and financial cooperation over the years.
An additional €49 million was pledged for the 2025–2026 cooperation period during negotiations in November 2025.
The funding comprises €32.8 million for financial cooperation and €16.2 million for technical cooperation.
Ogunjimi, who spoke on behalf of the President of the ECOWAS Commission, Gen. Birame Diop, expressed appreciation to the German government for its longstanding partnership and support for the regional organisation and the people of West Africa.
The meeting was attended by the German Ambassador to Nigeria and ECOWAS, Stefan Rossel; a delegation from Germany’s Federal Ministry for Economic Cooperation and Development (BMZ), led by Karen Pfundt, Head of Division for West Africa II; representatives of the German development agency, GIZ; and directors and senior officials of the ECOWAS Commission.
The strategic dialogue is expected to provide a platform for reviewing existing cooperation and identifying areas for stronger collaboration between Germany and ECOWAS.
ECOWAS, Germany Open Strategic Dialogue as Berlin Commits €49m to West Africa
NSCDC Begins Construction of New Gate, Quarter Guard Post, Access Road
By: Michael Mike
The Nigeria Security and Civil Defence Corps (NSCDC) has commenced the construction of a new entrance gate, modern Quarter Guard Post, access road and solar illumination project to strengthen security and improve its operational environment.
The Commandant-General of the Corps, Prof. Ahmed Audi, performed the groundbreaking ceremony for the infrastructure project on Thursday.
A statement issued by the Corps’ National Public Relations Officer, Assistant Commandant of Corps Babawale Afolabi, said the project was designed to strengthen facility security, improve access control and provide a more conducive working environment for personnel.
According to the statement, the project is expected to be completed within eight weeks.
Audi expressed appreciation to President Bola Tinubu and the Minister of Interior, Dr Olubunmi Tunji-Ojo, for their interventions and continued support for the infrastructural development and operational capacity of the Corps.
The Commandant-General said the infrastructure upgrade would support the Corps in discharging its statutory responsibilities more effectively.
The project forms part of efforts to improve the Corps’ facilities and strengthen its operational readiness.
NSCDC Begins Construction of New Gate, Quarter Guard Post, Access Road
Korea Seeks Nigerian Manufacturing Shift, Urges Ratification of 20-Year Tax Treaty
Wildlife Traffickers Shift Operations to Port Harcourt, Enugu as EIA Uncovers Corruption.
ECOWAS, Germany Open Strategic Dialogue as Berlin Commits €49m to West Africa
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