President Bola Tinubu says the National Credit Guarantee Company (NCGC) has unlocked ₦46.95 billion in credit for businesses and individuals within its first year of operation, as his administration pushes to expand access to formal financing in Nigeria.
Philips News reports that the President made this revelation in a statement published on the micro-blogging site, X formerly known as Twitter on Monday morning, September 28, 2026, where he noted that the scheme was created to address one of the major obstacles facing small businesses and borrowers — the difficulty of securing loans when they lack sufficient collateral or a credit history. He said NCGC shares part of the lending risk with participating financial institutions, making it easier for viable businesses and individuals to obtain credit.
The President said NCGC has issued ₦21.59 billion in guarantees, which has enabled participating lenders to extend ₦46.95 billion in loans. The scheme has reached 67,512 borrowers across 25 states and the Federal Capital Territory, while 11,374 of the beneficiaries are women.
According to figures cited by the President, 33.5 per cent of the beneficiaries were first-time formal borrowers, meaning more than 22,000 Nigerians entered the formal credit system through the programme. He said having a formal credit record could make it easier for such borrowers to secure financing in the future as they build a history of successful repayments.
President Tinubu also said businesses supported through the NCGC scheme account for an estimated 661,291 direct and indirect jobs. He described access to credit as an important link between government reforms and economic opportunities, noting that businesses can use financing to expand operations, increase stock, purchase equipment and create employment.
When I sought your mandate, I promised to move Nigeria towards a credit-based economy and to establish a loan guarantee scheme that would help small businesses overcome the barriers that keep them from finance.
That promise was about something practical. A worker with access to… https://t.co/cgZcxhjUYG
— Bola Ahmed Tinubu (@officialABAT) September 28, 2026
READ THE FULL STATEMENT BELOW…
When I sought your mandate, I promised to move Nigeria towards a credit-based economy and to establish a loan guarantee scheme that would help small businesses overcome the barriers that keep them from finance.
That promise was about something practical. 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.
We have been building the institutions to make that possible. Through CREDICORP, working Nigerians can access consumer credit. Our students can finance their education through NELFUND, while the Bank of Industry and Development Bank of Nigeria continue to lend to businesses.
The National Credit Guarantee Company @ncgc takes on one of the hardest barriers to business credit.
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 financial institutions, giving them greater confidence to lend to businesses and borrowers they might otherwise turn away.
Today, NCGC works through 19 financial institutions: 13 commercial banks, three microfinance banks and three development finance institutions.
One year into operations, we can see what that model is doing.
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 FCT have received credit backed by NCGC. 11,374 are women.
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.
They now have a credit record they can build. Each successful repayment strengthens that record and can make the next loan easier to secure.
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.
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.
We will keep widening that road until the opportunities our reforms create reach homes and businesses in every part of Nigeria.
Promise made, Promise Kept. We are moving from reforms to opportunities. Nigeria First.
