President Bola Tinubu says more than 67,000 Nigerians across 25 states and the Federal Capital Territory have received loans backed by the National Credit Guarantee Company, NCGC. Tinubu says the NCGC has issued ₦21.59 billion in guarantees, enabling participating financial institutions to extend ₦46.95 billion in loans to 67,512 borrowers. According to the President, 11,374 […]
President Bola Tinubu says more than 67,000 Nigerians across 25 states and the Federal Capital Territory have received loans backed by the National Credit Guarantee Company, NCGC.
Tinubu says the NCGC has issued ₦21.59 billion in guarantees, enabling participating financial institutions to extend ₦46.95 billion in loans to 67,512 borrowers.
According to the President, 11,374 beneficiaries are women, while 33.5 per cent are first-time formal borrowers, giving more than 22,000 Nigerians their first entry into the formal credit system.
He says the NCGC currently works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.
Tinubu says the scheme is designed to reduce barriers to credit for individuals and viable businesses that lack sufficient collateral or established credit histories.
The President also says businesses supported through the programme are estimated to account for more than 661,000 direct and indirect jobs.
He reaffirmed his administration’s commitment to expanding access to credit, saying the government wants more Nigerians and businesses to benefit from opportunities created by its economic reforms.
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