President Bola Tinubu has said that the National Credit Guarantee Company, NCGC, has issued ₦21.59 billion in guarantees, helping participating financial institutions extend ₦46.95 billion in loans to businesses and borrowers.
The President disclosed this in a post on his official X handle, while highlighting his administration’s efforts to expand access to credit and move Nigeria towards a credit-based economy.
Tinubu said the NCGC was established to address one of the major barriers facing small businesses limited collateral and lack of credit history.
According to the President, NCGC currently works with 19 financial institutions, comprising 13 commercial banks, 3 microfinance banks and 3 development finance institutions.
He said every one naira in guarantees has helped unlock about two naira, 17 kobo in credit.
Tinubu disclosed that 67,512 borrowers across 25 states and the Federal Capital Territory have so far received credit backed by NCGC, including 11,374 women.
He added that 33.5 percent of the beneficiaries are first-time formal borrowers, giving more than 22,000 Nigerians their first entry into the formal credit system.
The scheme is part of the Federal Government’s broader effort to expand access to finance through institutions including CREDICORP, NELFUND, the Bank of Industry and the Development Bank of Nigeria.
The President said businesses supported by NCGC are estimated to account for 661,291 direct and indirect jobs.
Tinubu said access to credit would enable traders to restock, manufacturers to expand production and businesses to create more employment.
He described the development as a transition from economic reforms to opportunities, saying the administration would continue to expand access to formal credit across the country.
(Follow AIT News on WhatsApp, AfricaIndependentTV on YouTube, ait_online on Facebook and X (Formerly Twitter), and officialait on TikTok, Instagram and Threads).
(Editor: Ken Eseni)
