Tinubu says credit guarantee scheme has backed ₦46.95bn in loans

President Bola Tinubu says Nigeria’s National Credit Guarantee Company has helped unlock ₦46.95bn in loans during its first year of operation. In posts on X, Tinubu said the company had issued ₦21.59bn in guarantees to support lending to 67,512 borrowers across 25 states and the Federal Capital Territory. He said the scheme was created to help businesses and borrowers who lacked sufficient collateral or a credit history.

The company currently works with 19 financial institutions: 13 commercial banks, three microfinance banks and three development finance institutions. Tinubu said each naira in guarantees had helped unlock about ₦2.17 in credit. Women accounted for 11,374 of the borrowers, while 33.5% of beneficiaries were first-time formal borrowers.

The president said more than 22,000 Nigerians had entered the formal credit system and could now build a credit record through successful repayment. Tinubu linked the scheme to his administration’s goal of moving Nigeria towards a credit-based economy. He said access to finance could allow workers to meet household needs and businesses to invest against expected income.

He also cited CREDICORP, NELFUND, the Bank of Industry and the Development Bank of Nigeria as institutions involved in expanding credit access for consumers, students and businesses. The president said businesses supported by the scheme were estimated to account for 661,291 direct and indirect jobs. The figures, he said, showed how credit could connect economic reforms with business expansion and employment.