President Bola A. Tinubu announced that the National Credit Guarantee Company (NCGC) has issued ₦21.59 billion in guarantees during its first year of operation, enabling lenders to extend ₦46.95 billion in loans to 67,512 borrowers across Nigeria.
The NCGC was launched to improve access to credit for small and medium‑size enterprises and other borrowers who face high collateral costs. By providing guarantees, the scheme reduces lenders’ risk and encourages them to offer more loans.
According to the president, the guarantees have already helped finance a wide range of projects, from agriculture to manufacturing, and have contributed to job creation and economic growth in the country.
“The success of the national credit scheme in its first year shows that the government’s investment in financial infrastructure is paying off,” Tinubu said in a statement released by the presidency.
With the NCGC’s support, the banking sector has been able to broaden its lending portfolio, and the government plans to scale up the programme to reach even more borrowers in the coming years.
<small>Source: Punch Nigeria — read the original story there.</small>