President Bola Ahmed Tinubu has announced that working-class Nigerians and students can now access loans through financing schemes introduced or strengthened by his administration. The president stated this in a statement posted on X on Monday while highlighting the progress recorded through the government’s credit and loan initiatives. Tinubu said the measures were part of efforts to move Nigeria towards a credit-based economy and make financing more accessible to individuals and businesses.
Tinubu mentioned that working Nigerians could access consumer credit through the Nigerian Consumer Credit Corporation (CREDICORP), while students could finance their education through the Nigerian Education Loan Fund (NELFUND). He also listed the Bank of Industry and Development Bank of Nigeria as institutions continuing to provide loans to businesses, while the National Credit Guarantee Company (NCGC) supports access to business credit by sharing lending risks with participating financial institutions.
According to the president, NCGC currently works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions. NCGC has issued ₦21.59 billion in guarantees, which has enabled participating lenders to extend ₦46.95 billion in loans. The figures mean that every ₦1 in guarantees has helped unlock about ₦2.17 in credit.
Tinubu said 67,512 borrowers across 25 states and the Federal Capital Territory had received credit backed by NCGC, including 11,374 women. He added that 33.5 per cent of the beneficiaries were first-time formal borrowers, giving more than 22,000 Nigerians their first entry into the formal credit system. This development is expected to help Nigerians meet immediate financial needs while enabling businesses to invest, expand and create jobs.
The NCGC estimates that businesses supported through its guarantees account for 661,291 direct and indirect jobs. The president emphasized that access to credit could help Nigerians meet immediate financial needs while enabling businesses to invest, expand and create jobs. He also mentioned that his administration would continue expanding access to credit so that more Nigerians and businesses could benefit from the opportunities created by its economic reforms.
Tinubu made a promise to move Nigeria towards a credit-based economy and establish a loan guarantee scheme that would help small businesses overcome the barriers that keep them from finance. He stated that through CREDICORP, working Nigerians can access consumer credit, and students can finance their education through NELFUND, while the Bank of Industry and Development Bank of Nigeria continue to lend to businesses.
The president concluded that his administration would keep widening the road to opportunities until they reach homes and businesses in every part of Nigeria. With the progress recorded so far, it is expected that more Nigerians and businesses will benefit from the opportunities created by the economic reforms.
Key points
- President Bola Ahmed Tinubu has announced that working-class Nigerians and students can now access loans through financing schemes introduced or strengthened by his administration.
- The National Credit Guarantee Company (NCGC) has issued ₦21.59 billion in guarantees, enabling participating lenders to extend ₦46.95 billion in loans.
- The president's administration aims to continue expanding access to credit to benefit more Nigerians and businesses.
