Tinubu Reports ₦21.59bn in Credit Guarantees for Businesses

President Bola Tinubu reported on the first-year operations of the National Credit Guarantee Company (NCGC), stating it has issued ₦21.59 billion in guarantees, enabling participating lenders to extend ₦46.95 billion in loans to 67,512 borrowers across 25 states and the Federal Capital Territory. The NCGC was established to assist businesses facing financing challenges, particularly those with inadequate collateral or credit history.

Tinubu highlighted that 33.5% of the beneficiaries are first-time formal borrowers, marking their entry into the formal credit system. The NCGC collaborates with 19 financial institutions, including 13 commercial banks, three microfinance banks, and three development finance institutions.

Tinubu emphasized the scheme's role in moving Nigeria towards a credit-based economy, allowing individuals and small businesses to access credit for essential needs and investments. He also mentioned other initiatives like CREDICORP and NELFUND aimed at expanding credit access.