67,512 Nigerians access NCGC-backed loans, 16.8% women — Tinubu

A total of 67,512 Nigerians across 25 states and the Federal Capital Territory have accessed formal credit backed by the National Credit Guarantee Company (NCGC), President Bola Tinubu has said.

Tinubu disclosed this on Monday in a post on his X account, saying 11,374 of the beneficiaries are women, while 33.5 per cent are first-time formal borrowers.

According to the President, more than 22,000 Nigerians have entered the formal credit system for the first time through loans backed by the NCGC.

He said the NCGC had issued ₦21.59 billion in guarantees within its first year of operations, enabling participating financial institutions to extend ₦46.95 billion in loans to Nigerians and businesses.

“That means every ₦1 in guarantees has helped unlock about ₦2.17 in credit,” Tinubu said.

The President said the NCGC currently works through 19 financial institutions comprising 13 commercial banks, three microfinance banks and three development finance institutions.

He explained that the guarantee scheme was established to address one of the major barriers to business financing, particularly for viable businesses whose owners lacked sufficient collateral or credit history.

According to him, the NCGC shares part of the lending risk with participating financial institutions, giving lenders greater confidence to provide credit to businesses and borrowers who might otherwise be excluded.

“For more than 22,000 Nigerians, this is their first entry into the formal credit system. They now have a credit record they can build. Each successful repayment strengthens that record and can make the next loan easier to secure,” he said.