NCGC guarantees help expand access to formal credit across 25 states and FCT.
Enugu Media Village (EMV), the Most Updated Online News Platform — September 29, 2026
President Bola Ahmed Tinubu has disclosed that the National Credit Guarantee Company (NCGC) has helped participating financial institutions unlock ₦46.95 billion in loans for 67,512 borrowers across 25 states and the Federal Capital Territory (FCT) within its first year of operations.
According to the President, the NCGC issued ₦21.59 billion in loan guarantees, enabling lenders to extend the ₦46.95 billion in credit. This represents approximately ₦2.17 in loans for every ₦1 in guarantees, as reported by the Presidency and Nigerian government media.
Tinubu said 11,374 beneficiaries are women, while 33.5 per cent of those reached are first-time formal borrowers. This means more than 22,000 Nigerians have entered the formal credit system for the first time, potentially giving them an opportunity to establish credit histories through successful repayments.
The NCGC currently operates through 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions. The scheme is designed to reduce lending barriers, particularly for viable borrowers and businesses with limited collateral or little previous credit history.
President Tinubu also said businesses supported through the programme are estimated to account for 661,291 direct and indirect jobs, linking expanded access to credit with business investment, production and employment opportunities.
The development forms part of the Federal Government’s broader efforts to expand access to formal finance and move Nigeria towards a more credit-based economy.
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