President Bola Tinubu revealed that the National Credit Guarantee Company (NCGC) has enabled over 67,512 Nigerians to access credit within its first year, with 11,374 of the beneficiaries being women, according to a statement released on Monday. The NCGC, established in May 2025 with a N100 billion capital base, issued N21.59 billion in guarantees to borrowers across 25 states and the Federal Capital Territory (FCT), according to the president’s official X handle. Participating lenders advanced approximately N46.95 billion in loans backed by these guarantees, Tinubu stated.
The president emphasized that the NCGC’s guarantees have unlocked about N2.17 in credit for every N1 in guarantees, highlighting its role in addressing barriers to financing for small businesses. He noted that 33.5% of beneficiaries, or 22,000 individuals, were first-time formal borrowers, marking their entry into the formal credit system. 'For more than 22,000 Nigerians, this is their first entry into the formal credit system,' Tinubu said, underscoring the scheme’s impact on financial inclusion.
Tinubu described the NCGC as a critical institution for fostering a credit-based economy, stating that it helps workers and small businesses access funds to meet immediate needs or invest in growth. 'A worker with access to credit can buy what the family needs and pay over time, and a small business can invest today against the income it expects tomorrow,' he said. The president also cited other initiatives like CREDICORP and NELFUND as part of broader efforts to expand credit access, including education financing and business loans through the Bank of Industry and Development Bank of Nigeria.
The NCGC operates in partnership with 19 financial institutions, including 13 commercial banks, three microfinance banks, and three development finance institutions. Tinubu reiterated his 2023 campaign promise to establish a loan guarantee scheme to support small businesses, noting that the program has helped Nigerians build credit histories. 'Each successful repayment strengthens that record and can make the next loan easier to secure,' he said, emphasizing the long-term benefits of credit access.
The scheme’s impact extends to job creation, with the NCGC estimating that supported businesses account for 661,291 direct and indirect jobs. Tinubu highlighted this as evidence of the administration’s shift from reforms to opportunities, stating, 'Tens of thousands who stood outside formal credit a year ago are now inside, borrowing to grow.' He pledged continued expansion of the program to ensure 'opportunities our reforms create reach homes and businesses in every part of Nigeria.'
The president’s remarks come amid broader efforts to stabilize Nigeria’s financial sector, including addressing a N939 billion slump in consumer credit and initiatives to provide financing for laptops and internet-enabled devices. Tinubu’s administration has also focused on improving access to education and business loans, with the NCGC serving as a key mechanism to reduce lending risks for financial institutions.
Tinubu concluded his statement with a reaffirmation of his administration’s commitment, stating, 'Promise made, Promise Kept. We are moving from reforms to opportunities. Nigeria First.' The NCGC’s success underscores the government’s strategy to stimulate economic growth through targeted financial interventions, with officials monitoring its long-term effects on employment and business development.
The NCGC’s operations align with global trends in credit guarantee mechanisms, which aim to mitigate risks for lenders while expanding access to capital for underserved sectors. Analysts note that the program’s focus on small businesses and first-time borrowers could have lasting implications for Nigeria’s economic resilience, particularly in regions with limited financial infrastructure.
The initiative also reflects the government’s broader vision to transform Nigeria into a credit-based economy, where access to financing becomes a catalyst for entrepreneurship and job creation. Tinubu’s emphasis on credit as a tool for empowerment highlights the administration’s focus on inclusive growth, with the NCGC serving as a cornerstone of this strategy.
As the NCGC continues to expand, its performance will be closely watched by stakeholders, including financial institutions, small business owners, and policymakers. The government has indicated plans to scale the program further, with potential for increased capital injections and partnerships to maximize its impact on Nigeria’s economic landscape.