President Bola Tinubu says the National Credit Guarantee Company (NCGC) has issued ₦21.59 billion in guarantees, helping to unlock ₦46.95 billion in loans for 67,512 borrowers.
The beneficiaries are spread across 25 states and the Federal Capital Territory.
Tinubu disclosed the figures on Monday in a series of posts on his X account as the NCGC marked its first year of operations.
The President said the company was established to address major barriers limiting access to finance, particularly inadequate collateral and the absence of formal credit histories.
Under the scheme, the NCGC shares part of the lending risk with participating financial institutions.
According to Tinubu, this gives lenders greater confidence to extend credit to businesses and individuals who might otherwise struggle to secure loans.
“One year into operations, we can see what that model is doing,” he said.
The NCGC currently works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.
Tinubu said the ₦21.59 billion in guarantees had supported approximately ₦46.95 billion in credit.
That translates to about ₦2.17 in credit for every ₦1 provided in guarantees.
The President said 67,512 borrowers had benefited from NCGC-backed credit across the 25 states and the FCT.
Among them are 11,374 women.
He also disclosed that 33.5 per cent of the beneficiaries were first-time formal borrowers.
That represents more than 22,000 Nigerians who had entered the formal credit system for the first time.
Tinubu said the new borrowers can now begin building formal credit records through successful loan repayments.
He said stronger credit histories could make it easier for beneficiaries to access additional financing in the future.
The President described the initiative as part of his administration’s broader plan to move Nigeria towards a credit-based economy.
He said the loan guarantee scheme was designed to help small businesses overcome financing challenges and invest in future growth.
Tinubu also highlighted other government-backed financing initiatives.
He said CREDICORP provides consumer credit to working Nigerians, while students can access education financing through NELFUND.
The President also cited the Bank of Industry and the Development Bank of Nigeria as institutions supporting business lending.
According to Tinubu, access to credit can help businesses restock, purchase equipment, accept larger orders and expand their operations.
He said such expansion could also create employment opportunities.
The President disclosed that businesses supported through the NCGC scheme were estimated to have accounted for 661,291 direct and indirect jobs.
Tinubu said the figure showed how improved access to finance could link economic reforms with opportunities for businesses and workers.
After its first year, the NCGC has provided ₦21.59 billion in guarantees supporting ₦46.95 billion in credit to more than 67,000 borrowers.
The administration says the initiative is aimed at reducing financing barriers, expanding formal credit access and supporting business growth across Nigeria.
Tinubu said the broader objective was to build a credit-based economy where individuals and businesses can access financing to invest, expand and create jobs.
