President Bola Ahmed Tinubu has said that the National Credit Guarantee Company (NCGC) has helped unlock ₦46.95 billion in loans for Nigerians in its first year of operations.
Tinubu disclosed this in a statement on his official X account, highlighting the Federal Government’s efforts to move Nigeria toward a credit-based economy and expand access to finance for individuals and businesses.
According to the President, NCGC has issued ₦21.59 billion in guarantees through 19 participating financial institutions comprising 13 commercial banks, three microfinance banks and three development finance institutions.
He said the guarantees have enabled lenders to extend ₦46.95 billion in credit, meaning that every ₦1 in guarantees has helped unlock about ₦2.17 in loans.
Tinubu said 67,512 borrowers across 25 states and the Federal Capital Territory have received credit backed by NCGC so far.
Of the beneficiaries, 11,374 are women, while 33.5 per cent are first-time formal borrowers.
The President said the programme has given more than 22,000 Nigerians their first entry into the formal credit system, allowing them to build credit records that could improve their access to future loans.
He explained that the initiative was created to address one of the major challenges facing small businesses: lenders’ concerns about borrowers who have limited collateral or no credit history.
“NCGC has been established to help change that. It carries part of the lending risk with participating financial institutions, giving them greater confidence to lend to businesses and borrowers they might otherwise turn away,” Tinubu said.
The President also linked access to credit with job creation and business expansion, saying NCGC estimates that businesses supported through the programme account for 661,291 direct and indirect jobs.
Tinubu recalled that during his campaign, he promised to move Nigeria towards a credit-based economy and establish a loan guarantee scheme to help small businesses overcome barriers to finance.
He noted that other institutions, including the Consumer Credit Corporation (CREDICORP), Nigerian Education Loan Fund (NELFUND), Bank of Industry and Development Bank of Nigeria, are also providing credit to workers, students and businesses.
“This is how we move from reforms to opportunities,” Tinubu said, adding that the government would continue expanding access to credit across the country
He concluded with his administration’s familiar slogan: “Promise made, Promise kept. We are moving from reforms to opportunities. Nigeria First.”
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