NCGC, SMEDAN PARTNER TO BOOST MSME ACCESS TO FINANCING

The Nigerian Consumer Credit Corporation (NCGC) has entered into a partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to expand access to financing for micro, small, and medium enterprises (MSMEs) across the country.

Officials said the collaboration is aimed at addressing longstanding credit gaps that have limited the growth and sustainability of small businesses in Nigeria.

According to the agencies, the initiative will focus on improving access to affordable loans, strengthening credit guarantees, and supporting entrepreneurship development.

They noted that MSMEs remain a key driver of job creation and economic growth, making access to financing critical for national development.

The partnership is also expected to support capacity-building programmes to help business owners improve financial management and scalability.

Stakeholders say the move could help reduce the high failure rate of small businesses by providing more structured financial support and risk-sharing mechanisms.

Industry experts have welcomed the initiative, describing it as a step toward strengthening Nigeria’s informal and small business sector.

Both agencies reaffirmed their commitment to promoting inclusive economic growth and expanding opportunities for entrepreneurs across the country.