President Bola Ahmed Tinubu has said the National Credit Guarantee Company facilitated ₦46.95bn in credit for 67,512 borrowers during its first year of operations.
Tinubu made the disclosure in a statement on Monday, September 28, 2026, citing the company’s performance figures as of August.
The NCGC had issued ₦21.59bn in guarantees, enabling 19 participating financial institutions to extend credit across 25 states and the Federal Capital Territory.
The lenders comprise 13 commercial banks, three microfinance banks and three development finance institutions.
The company was established to help borrowers who face difficulty securing conventional financing because of limited collateral or credit history.
Its guarantees cover part of the lending risk, while participating institutions retain responsibility for assessing and managing the loans.
More than 22,600 beneficiaries, representing 33.5 per cent of those reached, were first-time formal borrowers. Women-owned businesses accounted for 11,374 beneficiaries.
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The NCGC estimated that businesses supported through its interventions contributed 661,291 direct and indirect jobs.
Tinubu said wider access to formal credit would enable more borrowers to establish financial records and strengthen their prospects of obtaining future financing.
The initiative forms part of the administration’s broader credit expansion programme, alongside interventions by the Nigeria Consumer Credit Corporation, Nigeria Education Loan Fund, Bank of Industry and Development Bank of Nigeria.
Tinubu first announced plans for the NCGC in his New Year address on January 1, 2025. The company was launched in May 2025 with an initial capital base of ₦100bn and commenced operations on July 1, 2025.
The first-year performance was presented at the NCGC Stakeholders’ Forum in Lagos in September, based on results recorded through August.
The company has also launched GuaranteeHer, targeting more than ₦100bn in financing for over 20,000 women-owned businesses within five years, with a projected 150,000 direct and indirect jobs.
The figures provide an early measure of the Federal Government’s effort to use credit guarantees to encourage formal lending to businesses and underserved borrowers.