The Federal Government's National Credit Guarantee Company (NCGC) has provided N46.95 billion in loans to 67,512 Nigerians and businesses within its first year of operation. This achievement underscores the administration's push towards a credit-based economy, enabling viable businesses and individuals to access financing despite limited collateral or credit history. President Bola Tinubu announced this milestone, highlighting the scheme's success in supporting small businesses and individuals.
The NCGC's beneficiaries include 11,374 women, while 33.5%, over 22,000 borrowers, accessed formal credit for the first time. The scheme has reached beneficiaries across 25 states and the Federal Capital Territory. The businesses supported under the arrangement are estimated to account for 661,291 direct and indirect jobs. This development aligns with President Tinubu's promise to establish a loan guarantee scheme that would help small businesses overcome financing barriers.
President Tinubu emphasized that the NCGC was established to tackle one of the major barriers to business financing: lenders' reluctance to extend credit to viable borrowers without sufficient collateral or established credit histories. He noted that access to credit enables workers to support their families and small businesses to invest in growth. The President's vision for a credit-based economy aims to empower more Nigerians to access financing and drive economic growth.
In a related development, the Federal Government has commenced another phase of its National Poverty Reduction with Growth Strategy (NPRDS) training and empowerment programme in Oyo State. The programme targets five million Nigerians for skills acquisition, entrepreneurship, and technology-driven opportunities over the next four years. Senior Special Assistant to the President on Technical, Vocational and Entrepreneurship Education (TVEE), Dr. Abiola Arogundade, launched the programme in Ibadan.
Dr. Arogundade explained that the NPRDS programme is designed not only to train beneficiaries but also to connect them with opportunities that can generate sustainable income. The programme, which started in the Federal Capital Territory before expanding to other states, is part of the Federal Government's broader strategy to tackle poverty by equipping Nigerians with practical and marketable skills. The initiative aims to move as many people out of poverty as possible.
In Oyo State, 200 people are undergoing training, while 500 devices are being provided, bringing the number of people directly empowered under the current intervention to 700. The impact is expected to extend beyond the direct beneficiaries through a multiplier effect, with participants encouraged to share the knowledge they acquire with others in their communities. The 10-day training, which began on September 29, 2026, is scheduled to end on October 9, 2026.
Dr. Arogundade urged beneficiaries to take the sessions seriously and continue upgrading their skills after the programme. She encouraged them to see themselves as potential agents of change rather than recipients of one-off government intervention. The NPRDS programme is a key component of the Federal Government's efforts to address poverty and promote economic growth through skills acquisition and entrepreneurship.
Key points
- The National Credit Guarantee Company has provided N46.95 billion in loans to 67,512 Nigerians and businesses within its first year of operation.
- The Federal Government targets five million Nigerians for skills acquisition, entrepreneurship, and technology-driven opportunities under the National Poverty Reduction with Growth Strategy.
- The NPRDS programme aims to equip Nigerians with practical and marketable skills to tackle poverty and promote economic growth.
