NCGC unlocks N64bn loans, supports 914,791 jobs in 14 months

The National Credit Guarantee Company (NCGC) says it has facilitated N64.13 billion in loans to Nigerian businesses and individuals in 14 months, supporting an estimated 914,791 direct and indirect jobs.

The company’s Chief Executive Officer, Bonaventure Okhaimo, disclosed this on Tuesday during a media parley at the State House, Abuja, where he said the intervention had also enabled 22,616 Nigerians to access formal bank credit for the first time.

He said the company had deployed N30.19 billion in credit guarantees as of October 21, 2026, to facilitate the loans through 19 participating financial institutions, including commercial and microfinance banks.

According to Okhaimo, the initiative has reached more than 170,000 beneficiaries by helping businesses and individuals who would otherwise struggle to obtain loans because of stringent collateral requirements.

“For every one naira that we give as a credit guarantee to a bank, it creates two naira in loans. That’s the additionality,” he said.

Okhaimo said President Bola Tinubu established the company to address a major gap in Nigeria’s financial system, where viable businesses are often denied financing because they cannot provide the collateral demanded by lenders.

“The President has said, don’t let a viable Nigerian business suffer because it doesn’t have collateral. He has taken the collateral and given it to the bank. So that’s what we are doing,” he said.

The CEO explained that the NCGC does not lend directly to borrowers but provides guarantees to financial institutions to encourage them to extend credit to businesses and individuals they might otherwise consider too risky.