President Bola Tinubu says working-class Nigerians and students can now access loans through financing schemes introduced or strengthened by his administration.
The President made the statement in a post on X on Monday while highlighting the progress recorded through the government’s credit and loan initiatives.
Tinubu said the measures were part of efforts to move Nigeria towards a credit-based economy and expand access to financing for individuals and businesses.
Workers, Students Get Access to Credit
According to the President, working Nigerians can access consumer credit through the Nigerian Consumer Credit Corporation (CREDICORP), while students can finance their education through the Nigerian Education Loan Fund (NELFUND).
He also listed the Bank of Industry and the Development Bank of Nigeria among institutions providing loans to businesses.
The National Credit Guarantee Company (NCGC), he said, supports business lending by sharing part of the risks with participating financial institutions.
Tinubu said NCGC currently works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.
NCGC Unlocks ₦46.95bn in Loans
One year after commencing operations, NCGC has issued ₦21.59 billion in guarantees, helping participating lenders extend ₦46.95 billion in loans.
The figures mean every ₦1 in guarantees has helped unlock about ₦2.17 in credit.
Tinubu said 67,512 borrowers across 25 states and the Federal Capital Territory had received NCGC-backed credit, including 11,374 women.
He added that 33.5 per cent of beneficiaries were first-time formal borrowers, meaning more than 22,000 Nigerians had gained their first entry into the formal credit system.
Credit Linked to Jobs and Business Growth
The President said access to credit could help Nigerians meet immediate financial needs while enabling businesses to invest, expand and create jobs.
According to NCGC estimates, businesses supported through its guarantees account for 661,291 direct and indirect jobs.
Tinubu said his administration would continue expanding access to credit so more Nigerians and businesses could benefit from opportunities created by its economic reforms.
He said: “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. A worker with access to credit can buy what the family needs and pay over time, and a small business can invest today against the income it expects tomorrow.”
Tinubu said the government had been building institutions to make access to credit possible, pointing to CREDICORP, NELFUND, the Bank of Industry, the Development Bank of Nigeria and NCGC.
He said NCGC was established to address the difficulty viable businesses face when seeking loans without sufficient collateral or credit history.
“NCGC has issued ₦21.59 billion in guarantees. On the strength of those guarantees, participating lenders have extended ₦46.95 billion in loans.
“That means every ₦1 in guarantees has helped unlock about ₦2.17 in credit.”
Tinubu said the government would continue widening access to credit across the country.
“This is how we move from reforms to opportunities. Our reforms laid the foundation. Credit gives Nigerians the means to build on it.”
The statement was signed off with the President’s message: “Promise made, Promise kept. We are moving from reforms to opportunities. Nigeria First.”
