NCGC Guarantees Help Unlock ₦46.95bn in Loans for 67,512 Nigerians and Businesses

The National Credit Guarantee Company has helped participating lenders provide ₦46.95 billion in loans to 67,512 borrowers across 25 states and the FCT, according to President Bola Tinubu. The scheme issued ₦21.59 billion in guarantees through 19 financial institutions, including 13 commercial banks, three microfinance banks and three development finance institutions. The guarantees are designed to reduce lenders’ risk when viable borrowers lack sufficient collateral or credit history. Of the beneficiaries, 11,374 are women and 33.5 per cent are first-time formal borrowers. More than 22,000 people have also entered the formal credit system, which may strengthen their ability to access future loans if they maintain good repayment records. The government estimates that businesses supported by the programme account for 661,291 direct and indirect jobs. The initiative is part of efforts to expand access to credit for traders, manufacturers and other businesses.

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