More than 67,000 Nigerians across 25 states and the Federal Capital Territory have received credit through the National Credit Guarantee Company (NCGC), President Bola Tinubu has said.
Tinubu disclosed that 67,512 borrowers had benefited from credit backed by the scheme, including 11,374 women, while 33.5 per cent of beneficiaries were accessing formal credit for the first time.
The NCGC has issued ₦21.59 billion in guarantees, enabling participating financial institutions to extend ₦46.95 billion in loans. The scheme operates through 19 financial institutions, comprising commercial banks, microfinance banks and development finance institutions.
According to the President, more than 22,000 Nigerians have entered the formal credit system for the first time through the initiative, giving them an opportunity to establish credit records that could improve access to future borrowing.
Tinubu also said businesses supported through the scheme account for an estimated 661,291 direct and indirect jobs.
The consumer credit initiative is part of the Federal Government’s broader effort to expand access to finance and encourage a credit-based economy, with the administration saying it will continue to widen access to formal lending for households and businesses.
Leave a comment