By Egena Sunday Ode
President Bola Tinubu has said the National Credit Guarantee Company (NCGC) has issued N21.59 billion in guarantees in its first year of operation, unlocking N46.95 billion in loans for Nigerians.
Tinubu disclosed this in a post on his X handle on Monday.
According to the President, every N1 in guarantee has unlocked about N2.17 in credit through 19 participating financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.
He said 67,512 borrowers across 25 states and the Federal Capital Territory have so far benefited from NCGC-backed credit, including 11,374 women.
Tinubu noted that 33.5 per cent of the beneficiaries, over 22,000 Nigerians, are first-time formal borrowers who now have a credit record they can build on.
He said the NCGC was established to address barriers faced by viable businesses lacking collateral or credit history, by sharing lending risks with financial institutions.
The President added that businesses supported under the scheme account for an estimated 661,291 direct and indirect jobs.
Tinubu said the initiative is part of his administration’s drive to move Nigeria to a credit-based economy through institutions such as CREDICORP, NELFUND, the Bank of Industry and the Development Bank of Nigeria.
He said: “We will keep widening that road until the opportunities our reforms create reach homes and businesses in every part of Nigeria.”
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