President Bola Tinubu announced on Monday that the National Credit Guarantee Company (NCGC) has issued ₦21.59bn in guarantees, successfully unlocking ₦46.95bn in loans for 67,512 borrowers across 25 states and the Federal Capital Territory during its first year of operations.

In a series of posts shared via his official X account, the President emphasized that the credit guarantee scheme was created to tackle traditional financing barriers, such as insufficient collateral and lack of credit history, which frequently prevent viable businesses from securing commercial loans.

“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,” Tinubu stated, explaining that the company shares lending risks with financial institutions to build confidence for credit extension.

The NCGC currently partners with 19 financial institutions, including 13 commercial banks, three microfinance banks, and three development finance institutions. According to the President’s breakdown, every ₦1 backed in guarantees has effectively unlocked approximately ₦2.17 in credit.

The initiative has notably broadened financial inclusion, with 11,374 women among the beneficiaries and 33.5 per cent of recipients registering as first-time formal borrowers. Over 22,000 Nigerians have thereby established an initial credit record to facilitate future financing.

Tinubu positioned the scheme as a cornerstone of his administration’s broader push toward a credit-driven economy, complementing other institutions such as CREDICORP for consumer credit, NELFUND for student financing, and the Bank of Industry.

Highlighting the economic ripple effects, the President noted that businesses backed by the NCGC are estimated to support 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,” he added.