President Bola Ahmed Tinubu said the National Credit Guarantee Company (NCGC) has helped participating lenders provide N46.95 billion in financing, widening access to formal credit for borrowers across Nigeria.
Guarantees support broader lending
In a statement posted on his official X account on Monday, Tinubu said the government-owned credit institution had issued guarantees worth N21.59 billion to date. Those guarantees have enabled lenders working with the NCGC to extend more than twice that amount in loans.
- NCGC guarantees issued: N21.59 billion
- Loans provided by participating lenders: N46.95 billion
Borrowers span 25 states and the capital
The programme currently covers 67,512 borrowers in 25 states and the Federal Capital Territory. Women account for 11,374 of those beneficiaries, Tinubu said.
The president said the lending initiative is also bringing people into Nigeria’s formal financial system for the first time. First-time formal borrowers make up 3.5 percent of the total, representing more than 22,000 Nigerians, according to his statement.
Credit histories could improve future access
Tinubu said these new borrowers now have formal credit records that can be developed over time. He added that borrowers who repay successfully strengthen their histories, potentially making it easier for them to obtain larger or additional loans in the future.
