NCGC Guarantees Unlock ₦46.95bn in Loans for Nigerians – Tinubu

President Bola Ahmed Tinubu has announced that the National Credit Guarantee Company (NCGC) issued ₦21.59 billion in guarantees in its first year of operations, helping participating financial institutions extend ₦46.95 billion in loans to Nigerians and businesses.

Tinubu disclosed the figures on Monday, September 28, 2026, as he highlighted his administration’s efforts to expand access to formal credit and move Nigeria towards a credit-based economy.

According to the President, the ₦21.59 billion in guarantees helped unlock approximately ₦2.17 in credit for every ₦1 guaranteed by the NCGC.

The scheme was established to address one of the major challenges facing small businesses and individuals seeking finance: the inability to provide sufficient collateral or demonstrate an established credit history.

Under the arrangement, the NCGC shares part of the lending risk with participating financial institutions, giving lenders greater confidence to extend credit to businesses and borrowers who might otherwise be excluded from formal financing.

The company currently works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.

67,512 borrowers benefit

Tinubu said 67,512 borrowers across 25 states and the Federal Capital Territory had received credit backed by the NCGC.

Women accounted for 11,374 beneficiaries, while 33.5 per cent of all beneficiaries were first-time formal borrowers.

The President said this means more than 22,000 Nigerians entered the formal credit system for the first time through NCGC-backed financing.

He noted that establishing a credit record could improve borrowers’ ability to access financing in the future, provided they maintain successful repayment histories.

Credit expected to support jobs

Tinubu also said businesses supported through NCGC-backed credit were estimated to account for 661,291 direct and indirect jobs.

He explained that access to credit could allow traders to restock, manufacturers to expand production and businesses to accept larger orders, potentially creating additional employment.

The President described the development as part of his administration’s broader effort to expand access to finance and reduce the barriers that prevent Nigerians from participating in the formal credit market.

The NCGC’s own published figures similarly report ₦46.95 billion in financing unlocked, ₦21.59 billion in guarantees issued and 67,512 end-borrowers reached across 25 states and the FCT.

Tinubu said the administration would continue to expand access to credit, arguing that reforms would have greater economic impact when Nigerians and businesses have access to financing with which to invest, expand and meet their needs.

The first-year figures therefore point to a model in which government-backed guarantees are being used to leverage larger amounts of lending from private financial institutions, rather than the government directly providing the entire ₦46.95 billion in loans.