President says more than 22,000 beneficiaries entered the formal credit system for the first time, while supported businesses account for over 661,000 jobs….
President Bola Tinubu says 67,512 Nigerians across 25 states and the Federal Capital Territory have accessed loans backed by the National Credit Guarantee Company within its first year of operation.
The President disclosed this on Monday in a series of posts on his official X account as Nigeria prepares to mark its 66th Independence anniversary.
According to Tinubu, the NCGC has issued ₦21.59 billion in guarantees, enabling participating financial institutions to provide ₦46.95 billion in credit to borrowers.
He said the figures mean that every ₦1 provided in guarantees has helped unlock about ₦2.17 in credit.
The scheme, according to the President, has also expanded access to formal borrowing for Nigerians who previously had no credit history.
Of the 67,512 beneficiaries, 11,374 are women, while 33.5 per cent are first-time formal borrowers.
Tinubu said this translates to more than 22,000 Nigerians gaining their first entry into the formal credit system.
“For more than 22,000 Nigerians, this is their first entry into the formal credit system. They now have a credit record they can build. Each successful repayment strengthens that record and can make the next loan easier to secure,” he said.
The NCGC-backed lending programme is part of the Federal Government’s broader push to expand access to consumer and business credit and encourage more Nigerians to participate in the formal financial system.
The Nigerian Consumer Credit Corporation, in partnership with the Federal Ministry of Communications, Innovation and Digital Economy, launched the consumer credit initiative in July 2026.
Tinubu said expanding access to credit was part of the commitments he made to Nigerians, particularly his pledge to move the economy towards a credit-based system.
“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,” the President said.
He explained that easier access to credit could allow households to spread payments for essential purchases, while giving businesses the opportunity to invest ahead of anticipated revenue.
According to Tinubu, several government-backed institutions are now playing different roles in expanding access to finance.
He cited CREDICORP’s consumer credit programme, the National Education Loan Fund for students, and lending by the Bank of Industry and Development Bank of Nigeria to businesses.
The President said the NCGC was established to address one of the major challenges confronting borrowers and businesses seeking financing — the reluctance of lenders to take on risks where applicants have limited collateral or little credit history.
Under the arrangement, the guarantee company shares part of the lending risk with participating financial institutions, giving them greater confidence to extend credit to borrowers who may otherwise struggle to secure loans.
The NCGC currently works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.
Tinubu also linked access to credit with employment creation, arguing that financing can enable businesses to expand their operations, purchase equipment and take on additional workers.
The NCGC estimates that businesses supported through the programme have contributed to 661,291 direct and indirect jobs.
“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,” Tinubu said.
The President said the figures recorded in the first year showed how government reforms and access to finance could work together to create economic 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,” he said.
Tinubu added that the Federal Government would continue to expand the credit initiative, with the stated objective of extending access to more households and businesses across the country.
“We will keep widening that road until the opportunities our reforms create reach homes and businesses in every part of Nigeria,” he said.
