President Bola Tinubu has said the National Credit Guarantee Company (NCGC) issued ₦21.59 billion in guarantees during its first year of operation, enabling participating financial institutions to extend ₦46.95 billion in loans to 67,512 borrowers.
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Tinubu disclosed the figures in posts on his X account on Monday, September 28, as he reviewed the company’s first year. The NCGC had earlier reported the same figures for its operations as of August 2026.
“NCGC has issued ₦21.59 billion in guarantees. On the strength of those guarantees, participating lenders have extended ₦46.95 billion in loans,” the President said.
“That means every ₦1 in guarantees has helped unlock about ₦2.17 in credit. So far, 67,512 borrowers across 25 states and the FCT have received credit backed by NCGC. 11,374 are women.”
He said 33.5 per cent of the beneficiaries were first-time formal borrowers, putting more than 22,000 Nigerians into the formal credit system for the first time.
“They now have a credit record they can build. Each successful repayment strengthens that record and can make the next loan easier to secure,” Tinubu said.
The President explained that the company shares part of the risk carried by lenders, making it easier for them to finance businesses whose owners have little collateral or no credit history. He said the NCGC currently works with 19 financial institutions: 13 commercial banks, three microfinance banks and three development finance institutions.
“Many viable businesses still meet the same obstacle at the bank. Lenders see too much risk in a sound business when the owner has little collateral or no credit history,” he said.
“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 linked the scheme to his pledge to build a credit-based economy. He said CREDICORP was expanding consumer credit for workers, NELFUND was financing students’ education, while the Bank of Industry and the Development Bank of Nigeria continued to lend to businesses.
“When I sought your mandate, I promised to move Nigeria towards a credit-based economy and to establish a loan guarantee scheme that would help small businesses overcome the barriers that keep them from finance,” he said.
The President argued that the value of credit lay in what borrowers could do with it, from meeting household needs to expanding businesses. “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.
According to Tinubu, the NCGC estimates that businesses supported through its guarantees account for 661,291 direct and indirect jobs. He said his administration would continue widening access to credit so that more households and businesses could benefit from its economic reforms.
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