Tinubu highlights success of national credit scheme in first-year review

President Bola Tinubu announced the National Credit Guarantee Company's (NCGC) first-year achievements, issuing ₦21.59bn in guarantees and enabling lenders to extend ₦46.95bn in loans to 67,512 borrowers across 25 states and the Federal Capital Territory. The credit guarantee scheme was created to assist businesses that struggle to secure finance due to limited collateral or credit history.

Tinubu highlighted that the NCGC, which currently partners with 19 financial institutions, has helped unlock about ₦2.17 in credit for every ₦1 in guarantees. Of the beneficiaries, 11,374 were women and 33.5 percent were first-time formal borrowers, marking their entry into the formal credit system. The President emphasized that credit plays a crucial role in economic growth, enabling individuals and businesses to access resources for personal and economic development.

He stated that the NCGC scheme is part of his administration's commitment to transitioning Nigeria towards a credit-based economy, with the goal of providing opportunities for all Nigerians.