NCGTC Will Unlock Access To Credit For Women, SMEs – Almona

BY CHINYERE OBIORA, LAGOS – The Federal Government’s plan to establish the National Credit Guarantee Trust Company (NCGTC) will ultimately unlock access to credit, particularly for women, youth, and small-scale enterprises in the country.

According to the Director General, Lagos Chamber of Commerce and Industry, (LCCI) Dr Chinyere Almona, the move is a step in the right direction as it would assist these vulnerable groups contribute their quota to Nigeria’s socio-economic growth and development.

Almona, who canvassed the position in her New Year speech, said besides boosting demand for goods from agro-producers and industries, the effective and efficient implementation of the
credit scheme can also improve the capacity utilization of manufacturers as well as their capability to create more jobs in the mid-term.

However, the LCCI boss emphasized the need for swift operationalization and a transparent framework to avoid bureaucratic bottlenecks that could hamper the NCGTC’s operations.

She said President Tinubu’s desire to work more collaboratively with the international community is a good idea, but stressed that for Nigeria to really explore inherent opportunities in international relations, “We must do more to create an enabling business environment attractive enough to boost our Foreign Direct Investments this year.

“All our diplomatic efforts should be geared towards boosting foreign trade, especially when we can boost our non-oil exports to the levels of recording trade surpluses in 2025.

“We need critical investments in the telecommunications sector to boost the digital transformation agenda of this government.”

Furthermore, Almona said the Compressed Natural Gas (CNG) initiative requires huge investment in infrastructure, adding that both digital transformation and energy transition are quite critical to achieving the level of industrialization required to power a one trillion economy.

Also applauding Federal Government’s decision to host the upcoming National Values Charter and Youth Confab, the LCCI Chief Executive said the efforts will  galvanize citizens and foster patriotism.

She also has a word for the business community, saying a stable and cooperative societal framework is foundational for sustained economic activity.

Importantly, Almona stated that beyond the show of commitment to a charter of shared values, the rule of law remains the most important guarantee of human rights protection and the best template for justice and fairness in a democratic state