President Bola Tinubu has said the National Credit Guarantee Company has issued ₦21.59bn in guarantees, helping participating lenders extend ₦46.95bn in loans to 67,512 borrowers across 25 states and the Federal Capital Territory.
Tinubu disclosed this in a series of posts on his X account on Monday while highlighting the first year of operations of the NCGC.
He said the credit guarantee scheme was established to address difficulties faced by businesses seeking finance, particularly where borrowers lacked sufficient collateral or credit history.
“Many viable businesses still meet the same obstacle at the bank. Lenders see too much risk in a sound business when the owner has little collateral or no credit history.
“We established NCGC to help change that. It carries part of the lending risk with participating financial institutions, giving them greater confidence to lend to businesses and borrowers they might otherwise turn away,” Tinubu said.
According to the
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