NCGC to Boost Funding for Women SMEs

Arthur Eriye

The Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona, has lauded the federal government’s initiative to establish the National Credit Guarantee Company (NCGC), depicting it as a pivotal step toward improving credit access for women, youth, and small-scale enterprises.  

Almona in her New Year address emphasised that an efficiently implemented credit scheme could stimulate demand for agricultural and industrial products, enhance manufacturers’ capacity utilization, and create more jobs in the medium term. She, however, urged for swift implementation and a transparent framework to prevent bureaucratic delays.  

Highlighting President Bola Tinubu’s push for stronger international collaboration, Almona noted the need for Nigeria to create a business-friendly environment to attract more Foreign Direct Investments (FDIs). She stated, “Diplomatic efforts should prioritize boosting foreign trade, especially increasing non-oil exports to achieve trade surpluses by 2025.”  

The LCCI Boss also underscored the importance of investments in the telecommunications sector to support Nigeria’s digital transformation agenda. Furthermore, she stressed the need for infrastructure investment to advance the Compressed Natural Gas (CNG) initiative, viewing both digital transformation and energy transition as critical to Nigeria’s journey toward becoming a trillion-dollar economy.  

The LCCI Director-General applauded the government’s proposed National Values Charter and Youth Conference, describing these efforts as essential to fostering patriotism and unity among citizens. For the business community, she highlighted the significance of a stable and cooperative societal framework, emphasizing that adherence to the rule of law is the cornerstone for protecting human rights and ensuring justice in a democratic system.  

Almona expressed optimism that these initiatives, combined with a focus on policy execution, could drive sustainable economic growth and industrialization in Nigeria.