President says NCGC guarantees have helped expand access to formal credit
President Bola Tinubu has said the Federal Government’s National Credit Guarantee Company (NCGC) has helped unlock N46.95 billion in loans for 67,512 Nigerians and businesses within its first year of operations.
President Tinubu said the loans were supported by N21.59 billion in guarantees issued by the company, with beneficiaries spread across 25 states and the Federal Capital Territory.
According to the President, 11,374 of the beneficiaries are women, while 33.5 per cent are first-time formal borrowers.
He said the development was part of his administration’s efforts to build a credit-based economy where workers and businesses could access financing without being restricted by traditional collateral requirements.
President Tinubu listed the NCGC alongside the Nigerian Consumer Credit Corporation, Nigerian Education Loan Fund, Bank of Industry and Development Bank of Nigeria as part of the country’s emerging credit architecture.
He said the NCGC helps financial institutions share lending risks by providing partial credit guarantees to viable businesses and borrowers who may lack sufficient collateral or credit histories.
The President added that the company currently works with 19 financial institutions and that businesses supported under the scheme were estimated to account for 661,291 direct and indirect jobs.
President Tinubu said his administration would continue expanding access to formal credit, describing it as a bridge between economic reforms and opportunities for Nigerians to grow businesses and create jobs.