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President Bola Tinubu has said the National Credit Guarantee Company (NCGC) has issued ₦21.59 billion in guarantees one year into operations, helping participating lenders extend ₦46.95 billion in loans to businesses and individuals across Nigeria.
Tinubu, in a post on X on Monday, said the model had helped unlock about ₦2.17 in credit for every ₦1 in guarantees.
“So far, 67,512 borrowers across 25 states and the FCT have received credit backed by NCGC. 11,374 are women,” Tinubu said.
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“And 33.5 percent are first-time formal borrowers. For more than 22,000 Nigerians, this is their first entry into the formal credit system.”
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NCGC has issued ₦21.59 billion in guarantees. On the strength of those guarantees, participating lenders have extended ₦46.95 billion in loans.
That means every ₦1 in guarantees has helped unlock about ₦2.17 in credit.
So far, 67,512 borrowers across 25 states and the…
— Bola Ahmed Tinubu (@officialABAT) September 28, 2026
Tinubu said NCGC currently works through 19 financial institutions, 13 commercial banks, three microfinance banks and three development finance institutions.
He explained that the company was established to address one of the hardest barriers to business credit: lenders seeing too much risk in viable businesses when owners lack collateral or credit history.
“We established NCGC to help change that. It carries part of the lending risk with participating financial institutions, giving them greater confidence to lend to businesses and borrowers they might otherwise turn away,” Tinubu said.
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Many viable businesses still meet the same obstacle at the bank. Lenders see too much risk in a sound business when the owner has little collateral or no credit history.
We established NCGC to help change that. It carries part of the lending risk with participating…
— Bola Ahmed Tinubu (@officialABAT) September 28, 2026
Tinubu said the initiative was fulfilling a promise he made when seeking office to move Nigeria towards a credit-based economy and establish a loan guarantee scheme for small businesses.
“Credit matters because of what people can do with it. A trader can restock before the festive season. When a manufacturer takes a bigger order and buys another machine to fill it, another Nigerian gets a job,” he said.
Tinubu said NCGC estimates that the businesses it has supported account for 661,291 direct and indirect jobs.
“This is how we move from reforms to opportunities. Our reforms laid the foundation. Credit gives Nigerians the means to build on it. Tens of thousands who stood outside formal credit a year ago are now inside, borrowing to grow,” he said.
“We will keep widening that road until the opportunities our reforms create reach homes and businesses in every part of Nigeria.”
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Credit matters because of what people can do with it. A trader can restock before the festive season. When a manufacturer takes a bigger order and buys another machine to fill it, another Nigerian gets a job.
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NCGC estimates that the businesses it has supported account for…
— Bola Ahmed Tinubu (@officialABAT) September 28, 2026
