By: Odeh Favour Adiya
President Bola Ahmed Tinubu has reiterated his administration’s commitment to transforming Nigeria into a credit-driven economy, revealing that the National Credit Guarantee Company (NCGC) has issued ₦21.59 billion in guarantees to unlock business financing across the country.
Taking to his X page (formerly Twitter) to share updates on his economic vision, the President noted that the initiative was designed to remove practical financial barriers for ordinary citizens and small business owners.
“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,” Tinubu wrote.
He explained, “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.”
Highlighting the institutional framework put in place, President Tinubu noted, “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.”
He added, “The National Credit Guarantee Company takes on one of the hardest barriers to business credit.”
Addressing the structural challenges faced by entrepreneurs when securing bank credit, Tinubu stated, “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,” he explained.
The President shared that the agency currently operates through 19 financial institutions, including 13 commercial banks, three microfinance banks, and three development finance institutions.
“One year into operations, we can see what that model is doing,” Tinubu stated.
Presenting figures from the agency’s operations, the President revealed, “NCGC has issued ₦21.59 billion in guarantees. On the strength of those guarantees, participating lenders have extended ₦46.95 billion in loans.”
He noted, “That means every ₦1 in guarantees has helped unlock about ₦2.17 in credit.”
Expanding on the reach of the program, the President said, “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,” Tinubu wrote.
He added, “They now have a credit record they can build. Each successful repayment strengthens that record and can make the next loan easier to secure.”
On the real-sector impact of the initiative, the President remarked, “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,” he added.
Concluding his thread, President Tinubu assured citizens that the administration would continue expanding credit access nationwide.
“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,” Tinubu stated.
“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,” he concluded.
