NCGC guarantees N64bn loans, reaches 174,495 borrowers

The National Credit Guarantee Company Limited (NCGC) has backed N64.13 billion in loans for 174,495 borrowers across all 36 states and the Federal Capital Territory since starting operations last year, according to Dr Bonaventure Okhaimo, the company's Managing Director/Chief Executive Officer. The figures were disclosed in NCGC's first-year performance report as of October 21, revealing that each N1 of guarantee unlocked approximately N2.12 in loans through 19 participating financial institutions, including commercial banks, microfinance banks, and development finance institutions.

NCGC does not lend directly, but provides partial guarantees to de-risk lending, expand credit supply, and stimulate economic growth without direct loans.