Tinubu Commends NCGC for Boosting Entrepreneurial Lending

President Bola Ahmed Tinubu expressed satisfaction with the performance of the National Credit Guarantee Company (NCGC), established by his administration to promote a credit-based economy in Nigeria. In a post on his official X handle, he noted that the NCGC was created to help small businesses overcome financial barriers.

Before its establishment, entrepreneurs struggled to secure credit. The NCGC carries part of the lending risk for participating financial institutions, which include 19 entities: 13 commercial banks, three microfinance banks, and three development finance institutions.

As of now, the NCGC has issued ₦21.59 billion in guarantees, enabling lenders to extend ₦46.95 billion in loans, effectively unlocking about ₦2.17 in credit for every ₦1 in guarantees. Tinubu emphasized the importance of access to credit for workers and small businesses, stating that the NCGC is a vital step in building institutions that support economic growth.