President Bola Ahmed Tinubu has disclosed that the Federal Government-backed National Credit Guarantee Company (NCGC) has facilitated ₦46.95 billion in loans to businesses and individuals across Nigeria, using ₦21.59 billion in credit guarantees.
The President made the announcement on Monday, September 28, 2026, highlighting the scheme’s role in expanding access to financing for Nigerians who struggle to secure loans through conventional banking channels.
According to Tinubu, the initiative has enabled participating financial institutions to unlock approximately ₦2.17 in credit for every ₦1 provided in guarantees.
So far, 67,512 borrowers across 25 states and the Federal Capital Territory (FCT) have benefited from the programme.
The President also disclosed that 11,374 of the beneficiaries are women, while 33.5 per cent of the borrowers are accessing formal credit for the first time.
Tinubu explained that the NCGC was established to address one of the major obstacles facing businesses in Nigeria: the difficulty of obtaining loans due to inadequate collateral, limited credit history and lenders’ concerns about repayment risks.
Under the arrangement, the company shares part of the lending risk with participating financial institutions, encouraging them to extend credit to viable businesses and individuals who might otherwise be denied financing.
The scheme currently operates through 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.
Beyond expanding access to credit, the NCGC estimates that businesses supported through its intervention have contributed to 661,291 direct and indirect jobs.
Tinubu noted that the impact of the programme goes beyond the amount of money disbursed, pointing to the opportunities created when traders can restock their businesses, manufacturers can fulfil larger orders and entrepreneurs can invest in expansion.
He described access to credit as an important part of translating the Federal Government’s economic reforms into practical opportunities for Nigerians.
The NCGC commenced operations in July 2025 as part of efforts to strengthen financial inclusion, support small businesses and promote a credit-based economy.
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