Nigeria economic reforms: Tinubu advances credit schemes and research funding

President Bola Tinubu is advancing several economic initiatives in Nigeria, including the push for a credit-based economy and the establishment of a National Research and Development Fund. The National Credit Guarantee Company (NCGC) has reportedly facilitated N46.95 billion in loans for 67,512 beneficiaries during its first year, supported by N21.59 billion in guarantees. This scheme aims to reduce collateral barriers for small businesses and individuals, with over 22,000 people entering the formal credit system for the first time.

In the financial sector, data indicates a shift as private-sector credit rose to N84.55 trillion in August, while government credit decreased by N7.33 trillion. This follows a N4.65 trillion bank recapitalization effort intended to support Nigeria’s goal of a $1 trillion economy. Additionally, the administration is utilizing 21 MSME hubs across 19 states to support approximately 650,000 jobs by providing shared infrastructure and reducing production costs.

Legislatively, Tinubu has sought Senate and House of Representatives approval for the National Research and Development Fund to consolidate fragmented research funding and foster innovation. In the maritime sector, the Ministry of Marine and Blue Economy has reported significant revenue growth, with agencies generating N1.83 trillion in 2025. Businessman Femi Otedola has also publicly endorsed these economic reforms, citing increased foreign direct investment and stable foreign exchange markets as evidence of sustainable growth.