President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to transforming Nigeria into a credit-based economy, saying access to affordable financing remains critical to expanding opportunities for citizens and businesses.
Tinubu stated this while highlighting the progress of the National Credit Guarantee Company (NCGC), which was established to help businesses and borrowers access credit by sharing lending risks with financial institutions.
The President gave the reassurance in a statement posted on his verified X handle on Monday.
The President said the NCGC had so far issued ₦21.59 billion in guarantees, helping participating financial institutions extend ₦46.95 billion in loans to businesses and other borrowers.
“When I sought your mandate, I promised to move Nigeria towards a credit-based economy and to establish a loan guarantee scheme that would help small businesses overcome the barriers that keep them from finance.
“That promise was about something practical. We have been building the institutions to make that possible. Through CREDICORP, working Nigerians can access consumer credit.
“Our students can finance their education through NELFUND, while the Bank of Industry and Development Bank of Nigeria continue to lend to businesses.
“The National Credit Guarantee Company takes on one of the hardest barriers to business credit,” he tweeted.
According to him, the initiative is aimed at addressing the difficulty many viable businesses face in accessing loans because of limited collateral or inadequate credit history.
Tinubu said improved access to credit would enable traders to expand their businesses, manufacturers to increase production and businesses to create more jobs.
He added that the businesses supported through the scheme were estimated to have contributed to 661,291 direct and indirect jobs.
The President said the development was part of efforts to move from economic reforms to broader opportunities for Nigerians through increased access to finance.
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