Women account for more than 74,000 beneficiaries, while the credit guarantee company says its interventions have supported nearly 915,000 direct and indirect jobs nationwide….
The National Credit Guarantee Company Limited (NCGC) says it has facilitated access to N64.13 billion in loans for 174,495 borrowers across Nigeria’s 36 states and the Federal Capital Territory since commencing operations last year.
The company disclosed this on Tuesday in Abuja during a briefing by its Managing Director and Chief Executive Officer, Bonaventure Okhaimo, who presented the organisation’s performance figures for its first year of operations.
According to Okhaimo, data from the company’s programme performance report as of October 21 showed that every N1 provided in credit guarantees had helped unlock approximately N2.12 in loans through 19 participating financial institutions.
The institutions include commercial banks, microfinance banks and development finance institutions, which provide financing to eligible borrowers with partial guarantees from the NCGC.
Okhaimo explained that the company does not issue loans directly but reduces the risks faced by lenders by guaranteeing an agreed portion of eligible loans. This arrangement allows financial institutions to extend credit to borrowers who might otherwise struggle to secure financing, including those with limited collateral.
He said the approach was designed to increase credit availability, encourage lending to underserved groups and support broader economic growth.
The report also highlighted the participation of women and first-time borrowers in the programme. Of the total beneficiaries, 74,503, representing 42.7 per cent, were women, while 22,616 borrowers, or 12.96 per cent, accessed formal financing for the first time.
Another 7,731 beneficiaries were recorded under the company’s youth empowerment category.
Trade and commerce, alongside agribusiness and agro-processing, accounted for slightly more than 80 per cent of the borrowers supported through the scheme, underscoring the concentration of lending in sectors with significant potential for enterprise development and employment generation.
The company also reported substantial employment outcomes linked to the businesses receiving support. According to Okhaimo, participating financial institutions reported 175,481 direct jobs associated with the borrowers, while the programme estimated an additional 739,310 indirect jobs.
This brings the total number of direct and indirect jobs reportedly impacted by the initiative to 914,791.
Beyond its general credit guarantee programme, the company has introduced a framework aimed at improving access to affordable financing for women entrepreneurs.
Okhaimo said the NCGC launched GuaranteeHer on July 29 as a gender-responsive credit guarantee initiative designed to strengthen existing women-focused lending programmes. The framework was formally unveiled during the company’s first-anniversary stakeholders’ forum on September 3.
The initiative works by providing an additional layer of credit protection to participating lenders, potentially enabling them to offer women-owned businesses more favourable borrowing conditions.
Rather than establishing a separate lending product, GuaranteeHer is designed to build on existing programmes operated by financial institutions, including Access Bank’s W Initiative, FirstBank’s FirstGem, FCMB’s SheVentures, Sterling’s Smart Women and Fidelity’s FundHer.
Okhaimo said the framework could help participating lenders reduce interest rates, lower collateral requirements and offer longer repayment periods to eligible women borrowers.
The approach is intended to address financing challenges that often prevent women-owned businesses from accessing the capital needed to expand operations, purchase equipment and create jobs.
The NCGC’s first-year figures point to growing activity under its credit guarantee model, with the company seeking to encourage financial institutions to lend to a broader range of businesses and individuals.
However, the longer-term impact will depend on the sustainability of the loans, borrowers’ repayment performance and the extent to which the guaranteed financing translates into lasting business growth and employment across the country.
