President Bola Ahmed Tinubu has disclosed that the National Credit Guarantee Company (NCGC) has issued ₦21.59 billion in loan guarantees, enabling participating financial institutions to extend ₦46.95 billion in credit to businesses and borrowers.
The president made the announcement known in a statement posted on his official X handle, saying the development represented progress in the federal government’s drive to expand access to credit and move the country towards a credit-based economy.
The president said the scheme was established to address one of the major barriers facing small businesses—the difficulty of accessing credit because of inadequate collateral or limited credit history.
According to him, the NCGC now works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks, and three development finance institutions.
He said the company’s guarantees had helped unlock about ₦2.17 in credit for every ₦1 guaranteed.
Tinubu stated that NCGC has provided credit to 67,512 borrowers across 25 states and the FCT.
He added that 11,374 beneficiaries are women, while 33.5 percent are first-time formal borrowers.
The president said more than 22,000 Nigerians had entered the formal credit system for the first time through the scheme, giving them an opportunity to build credit records through successful loan repayments.
Tinubu also said businesses supported by NCGC-backed credit were estimated to account for 661,291 direct and indirect jobs.
He said access to credit would enable traders to restock, manufacturers to expand production, and businesses to take on larger orders, creating more employment opportunities.
The President said the NCGC was part of efforts to move Nigeria towards a credit-based economy, alongside institutions and programmes such as CREDICORP, NELFUND, the Bank of Industry, and the Development Bank of Nigeria.
“Credit gives Nigerians the means to build on” the opportunities created by reforms, Tinubu said.
He added, “We will continue to expand that road until the opportunities created by our reforms reach homes and businesses throughout Nigeria.”
Packaged by Lanre Olabisi
