NCGC Unlocks ₦46.95bn In Loans For 67,512 Nigerians – Tinubu

President Bola Tinubu says the National Credit Guarantee Company (NCGC) has issued ₦21.59 billion in loan guarantees, helping participating financial institutions extend ₦46.95 billion in credit to Nigerians.

Tinubu disclosed this in a post on Monday, marking one year of the NCGC’s operations.

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.

“So far, 67,512 borrowers across 25 states and the FCT have received credit backed by NCGC,” Tinubu said.

He added that 11,374 beneficiaries are women, while 33.5 per cent 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 keep widening that road until the opportunities our reforms create reach homes and businesses in every part of Nigeria.”