• Says ₦21.59bn guarantees unlocked ₦46.95bn loans, supported 661,291 jobs as over 22,000 access formal credit for the first time
By Yinka Giwa
President Bola Tinubu has said his administration is steadily delivering on its promise to build a credit-driven economy in which working Nigerians and small businesses can borrow to meet household needs, expand enterprises and create jobs.
The President said the National Credit Guarantee Company (NCGC), established by his administration to break longstanding barriers to finance, has so far issued ₦21.59 billion in guarantees that enabled participating financial institutions to extend ₦46.95 billion in loans.
In a statement personally signed by him, Tinubu said 67,512 borrowers across 25 states and the Federal Capital Territory have already benefited from NCGC-backed credit, describing the development as part of his administration’s push to move Nigeria “from reforms to opportunities.”
According to the President, every ₦1 provided in guarantees has helped unlock approximately ₦2.17 in credit from participating lenders.
Of the beneficiaries, 11,374 are women, while 33.5 per cent are first-time formal borrowers.
Tinubu said the latter figure meant that more than 22,000 Nigerians who previously stood outside the formal credit system now have access to loans and are beginning to build credit histories that could make future borrowing easier.
The President recalled that during his campaign he promised to move Nigeria towards a credit-based economy and establish a loan guarantee scheme to help small businesses overcome obstacles to accessing finance.
He said the objective was practical: to enable workers to purchase essential household items and pay over time, while allowing businesses to invest today against expected future earnings.
Tinubu listed the Nigerian Consumer Credit Corporation, CREDICORP, the Nigerian Education Loan Fund, NELFUND, the Bank of Industry and the Development Bank of Nigeria among institutions being deployed to widen access to finance.
He explained that the NCGC specifically tackles the collateral and risk problem that prevents otherwise viable businesses from securing bank loans.
The company currently works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.
Tinubu said the guarantee system allows the NCGC to absorb part of the lending risk, giving financial institutions greater confidence to finance businesses and individuals they might otherwise reject.
The President also linked wider credit access to employment, saying businesses supported under the programme are estimated to account for 661,291 direct and indirect jobs.
He illustrated the impact with everyday examples, saying a trader could borrow to restock ahead of a busy season, while a manufacturer could finance new machinery to execute larger orders and employ more Nigerians.
“This is how we move from reforms to opportunities,” Tinubu said, pledging that his administration would continue widening access to credit until opportunities created by economic reforms reach homes and businesses across the country.
“Promise made, Promise kept. We are moving from reforms to opportunities. Nigeria First,” the President declared.
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