NAICOM, NCGC Partner to Boost MSME, Manufacturing Finance

By The Ameh News
In a significant move to strengthen Nigeria’s credit ecosystem, the National Insurance Commission (NAICOM) and the National Credit Guaranty Company (NCGC) have initiated a strategic partnership designed to unlock sustainable financing for Micro, Small and Medium Enterprises (MSMEs), local manufacturers, and consumer credit customers across the country.
The renewed collaboration was the focal point of discussions when the Commissioner for Insurance, Olusegun Ayo Omosehin, received the management of NCGC during a courtesy visit on February 27, 2026. The meeting underscored a shared commitment to expanding access to credit through innovative risk-sharing structures that reduce lenders’ exposure while stimulating economic growth.
Driving Credit Through Guarantees
Leading the delegation, NCGC Managing Director, Bonoventure Okhaimo, presented the company’s mandate and operational framework. He explained that NCGC, a private limited liability company licensed by the Central Bank of Nigeria in August 2025, was established to catalyze lending by offering partial credit guarantees to financial institutions.
According to Okhaimo, the company’s guarantee model is designed to mitigate credit risk, encourage responsible lending, and channel capital into sectors that are critical to Nigeria’s industrial and economic development.
He highlighted two flagship products driving the initiative — the National Individual Guarantee, which provides risk cover for single borrowers, and the Portfolio Guarantee, which supports a pool of loans extended to targeted segments such as MSMEs and local manufacturers.
“These instruments are structured to protect lenders against a portion of potential losses, thereby encouraging banks and financial institutions to extend credit to segments that have historically been underserved,” Okhaimo noted.
Insurance Sector as a Critical Risk Partner
A central theme of the meeting was the role of the insurance sector in strengthening the credit guarantee framework. Okhaimo emphasized the need for closer engagement between insurers, credit guarantors, banks, and regulators to deepen market confidence and drive uptake of guarantee-backed lending.
He proposed the creation of a structured platform to facilitate direct dialogue among stakeholders, explore syndication opportunities, and develop reinsurance-backed solutions capable of mobilizing larger pools of capital.
By leveraging governance best practices and technology-enabled processes, NCGC aims to enhance transparency, operational efficiency, and trust within the lending ecosystem.
NAICOM Signals Readiness to Collaborate
In his response, Commissioner Omosehin welcomed the initiative and reaffirmed NAICOM’s commitment to supporting innovative mechanisms that enhance financial inclusion and economic resilience.
He acknowledged that expanding access to finance for MSMEs and local manufacturers remains critical to job creation, domestic production, and broader economic stability. The insurance regulator, he stressed, is prepared to collaborate in developing risk mitigation solutions that strengthen the lending environment while safeguarding financial institutions.
Industry observers say the partnership between NAICOM and NCGC represents a strategic alignment between Nigeria’s insurance regulator and a key credit enhancement institution. By de-risking lending and improving capital flow to productive sectors, the collaboration could significantly boost confidence among lenders and investors.
With MSMEs accounting for a substantial share of employment and economic activity nationwide, the success of such guarantee-backed financing models may prove pivotal in accelerating inclusive growth and strengthening Nigeria’s industrial base.
NAICOM and the National Credit Guaranty Company (NCGC) have strengthened collaboration to expand access to finance for Nigerian MSMEs, local manufacturers, and consumer credit customers through innovative partial credit guarantees and insurance-backed risk mitigation frameworks.
NAICOM and NCGC deepen partnership to de-risk lending and unlock finance for MSMEs, manufacturers, and consumers across Nigeria, boosting financial inclusion and economic growth.