The National Credit Guarantee Company Limited and the Small and Medium Enterprises Development Agency of Nigeria have signed a Memorandum of Understanding to improve access to finance for Micro, Small, and Medium Enterprises across the country.
The agreement, signed at the NCGC headquarters in Abuja, seeks to strengthen financial inclusion, support enterprise development and stimulate economic growth by addressing one of the major constraints facing small businesses, access to affordable financing.
According to a statement released on Wednesday by NCGC, the partnership will see both organisations collaborate on initiatives to improve the creditworthiness of MSMEs, promote financial literacy, facilitate access to credit guarantees and implement capacity-building programmes to help businesses expand, create jobs and contribute more significantly to the economy.
Speaking during the signing ceremony, the Managing Director and Chief Executive Officer of NCGC, Dr Bonaventure Okhaimo, described the collaboration as a strategic intervention that aligns with the Federal Government’s efforts to
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