Tinubu Expands Loan Access for Nigerians and Students

President Bola Ahmed Tinubu stated that under his administration, working-class Nigerians and students can access loans through financing schemes such as the Nigerian Consumer Credit Corporation (CREDICORP) and the Nigerian Education Loan Fund (NELFUND). This initiative is part of efforts to transition Nigeria towards a credit-based economy, making financing more accessible.

The Bank of Industry and Development Bank of Nigeria continue to provide loans to businesses, while the National Credit Guarantee Company (NCGC) supports business credit access by sharing lending risks with 19 financial institutions. Since its inception, NCGC has issued ₦21.59 billion in guarantees, enabling lenders to extend ₦46.95 billion in loans, benefiting 67,512 borrowers, including 11,374 women.

Notably, 33.5% of beneficiaries were first-time formal borrowers. Tinubu emphasized that access to credit would help Nigerians meet financial needs and enable businesses to invest and create jobs, with NCGC-supported businesses accounting for 661,291 jobs.