NCGC-backed loans reach N46.95bn in first year – Tinubu
The credit guarantee company has supported 67,512 borrowers across 25 states and the FCT, with about a third accessing formal credit for the first time. The post NCGC-backed loans reach N46.95bn in first year – Tinubu appeared first on Premium Times Nigeria .
President Bola Tinubu announced on Monday that the National Credit Guarantee Company (NCGC) has guaranteed N46.95 billion in loans for 67,512 borrowers across 25 states and the Federal Capital Territory (FCT) of Nigeria. The president highlighted that 11,374 of these borrowers are women, making them the first-time formal borrowers in the country. A total of 33.5% of the beneficiaries are first-time formal borrowers, thereby bringing more than 22,000 Nigerians into the formal credit system.
Tinubu revealed that NCGC has issued N21.59 billion in guarantees, which has enabled participating financial institutions to extend N46.95 billion in loans to Nigerians. Each N1 provided in guarantees has unlocked approximately N2.17 in credit. The president emphasized that each successful repayment strengthens a borrower's credit record, making future loans easier to secure.
He explained that credit is vital for business growth – a trader can restock before the festive season, while a manufacturer can take on larger orders and hire more workers, creating jobs for Nigerians.
The president stressed that NCGC's support has resulted in 661,291 direct and indirect jobs. He affirmed that the development provides beneficiaries with credit records they can build upon, with successful repayments further strengthening their records and future loan prospects. Access to credit enables individuals and businesses to meet immediate needs and invest in future growth, he added.
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