President Bola Tinubu says 67,512 borrowers across 25 states and the Federal Capital Territory have received credit backed by the National Credit Guarantee Company (NCGC) within its first year of operations.
Tinubu disclosed this in a series of posts on X. As Nigeria prepares to mark its 66th Independence Day.
According to the President, the NCGC has issued ₦21.59 billion in guarantees, enabling participating financial institutions to provide ₦46.95 billion in loans.
He said the scheme had reached 67,512 borrowers, including 11,374 women, while 33.5 per cent of beneficiaries were first-time formal borrowers.
“That means every ₦1 in guarantees has helped unlock about ₦2.17 in credit,” Tinubu said.
The President added that more than 22,000 Nigerians had entered the formal credit system for the first time through the scheme.
“They now have a credit record they can build. Each successful repayment strengthens that record and can make the next loan easier to secure,” he said.
Tinubu said the NCGC currently works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.
He explained that the company was established to address challenges faced by businesses whose owners lack sufficient collateral or formal credit histories.
“We established NCGC 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 said the credit scheme was part of his campaign promise to move Nigeria towards a credit-based economy and improve access to finance for small businesses.
He also said businesses supported through the NCGC scheme accounted for an estimated 661,291 direct and indirect jobs.
“Credit matters because of what people can do with it. A trader can restock before the festive season. When a manufacturer takes a bigger order and buys another machine to fill it, another Nigerian gets a job,” he said.
Tinubu said the government would continue expanding access to credit across the country.
“Our reforms laid the foundation. Credit gives Nigerians the means to build on it,” he said.
The NCGC began operations two months ago with a mandate to expand access to finance through partial credit guarantees, co-guarantees and technical assistance.
