President Bola Tinubu has highlighted the success of the National Credit Guarantee Company (NCGC) in its first year of operations. According to Tinubu, the NCGC has issued ₦21.59bn in guarantees, enabling participating lenders to extend ₦46.95bn in loans to 67,512 borrowers across 25 states and the Federal Capital Territory. The credit guarantee scheme was established to address difficulties faced by businesses seeking finance, particularly where borrowers lacked sufficient collateral or credit history.
The NCGC currently works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks, and three development finance institutions. Tinubu said the ₦21.59bn in guarantees had helped unlock about ₦46.95bn in credit, meaning that every ₦1 in guarantees had helped unlock about ₦2.17 in credit. This, according to the President, is a significant achievement in the effort to move Nigeria towards a credit-based economy.
A total of 67,512 borrowers across 25 states and the FCT have received credit backed by the NCGC, including 11,374 women. The President added that 33.5 per cent of the beneficiaries were first-time formal borrowers, with over 22,000 Nigerians gaining entry into the formal credit system. This, Tinubu said, is a significant milestone, as it provides opportunities for individuals and businesses to access credit and build their credit records.
Tinubu said the NCGC scheme is part of his administration's effort to move Nigeria towards a credit-based economy. He promised to establish a loan guarantee scheme that would help small businesses overcome the barriers that keep them from finance. The President cited other institutions involved in expanding access to credit, including CREDICORP, NELFUND, the Bank of Industry, and the Development Bank of Nigeria.
The President said the credit intervention is also linked to business expansion and employment. He noted that credit matters because of what people can do with it, citing examples of traders restocking before the festive season and manufacturers taking bigger orders and buying new machines to fill them. Tinubu added that the NCGC estimated that businesses supported by the scheme accounted for 661,291 direct and indirect jobs.
Tinubu emphasized that the NCGC scheme is a practical step towards achieving his promise of moving Nigeria towards a credit-based economy. He said that with the institutions being built, working Nigerians can access consumer credit, students can finance their education, and businesses can access loans. The President expressed optimism that the opportunities created by the reforms will reach homes and businesses in every part of Nigeria.
The President concluded by declaring, "Promise made, Promise Kept. We are moving from reforms to opportunities. Nigeria First." The NCGC had earlier disclosed that it unlocked ₦46.95bn in credit in its first year, backed by ₦21.59bn in guarantees, reaching 67,512 end-borrowers across 25 states and the FCT as of August 2026.
Key points
- President Bola Tinubu says the National Credit Guarantee Company has issued ₦21.59bn in guarantees, helping lenders extend ₦46.95bn in loans to 67,512 borrowers.
- The NCGC currently works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks, and three development finance institutions.
- The scheme has helped unlock about ₦46.95bn in credit, with every ₦1 in guarantees helping to unlock about ₦2.17 in credit.
