In a major economic breakthrough, the Federal Government’s National Credit Guarantee Company has unlocked a massive N46.95 billion in loans for 67,512 Nigerians and businesses within just one year of operation.
President Bola Ahmed Tinubu announced the feat on Monday in a message posted on his verified X handle, @officialABAT, describing it as proof that Nigeria is moving decisively from reforms to opportunities.
According to the President, the financing was mobilised through N21.59 billion in credit guarantees — translating to about N2.17 in lending for every N1 of guarantee provided.
More dramatically, over 22,000 Nigerians who had never accessed formal credit before are now inside the financial system for the first time.
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Women, First-Time Borrowers Are Big Winners
The figures show that 11,374 of the beneficiaries are women, while 33.5 percent are first-time formal borrowers across 25 states and the Federal Capital Territory.
Tinubu said these new borrowers will now build credit histories that will open bigger doors for them in the future.
“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,” Tinubu said.
“A worker with access to credit can buy what the family needs and pay over time, and a small business can invest today against the income it expects tomorrow.”
From Reforms To Real Opportunities
The President explained that the NCGC was created in August 2024 to tackle the biggest obstacle to business lending — banks refusing viable businesses because they lack collateral or credit history.
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“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,” he said.
The company, which guarantees up to 60 percent of loan principal, now works with 19 financial institutions, including 13 commercial banks, three microfinance banks and three development finance institutions.
Beyond the cash, the impact is jobs. The businesses supported account for an estimated 661,291 direct and indirect jobs.
“Credit matters because of what people can do with it. A trader can restock before the festive season. When a manufacturer buys another machine, another Nigerian gets a job,” Tinubu said.
“We will keep widening that road until the opportunities our reforms create reach homes and businesses in every part of Nigeria.”
