The National Credit Guarantee Company Limited (NCGC) has supported loans worth ₦64.13 billion for 174,495 borrowers across Nigeria in its first year of operations, as the Federal Government seeks to expand access to financing for businesses and individuals.
The company’s Managing Director and Chief Executive Officer, Dr Bonaventure Okhaimo, disclosed the figures on Tuesday during a briefing with State House correspondents in Abuja.
According to the company’s performance report as of October 21, the loans were supported by ₦30.19 billion in credit guarantees provided through 19 participating financial institutions, including commercial banks, microfinance banks and development finance institutions.
Women account for 42.7% of beneficiaries
Okhaimo disclosed that women accounted for 74,503 beneficiaries, representing 42.7 per cent of the total number reached.
He added that 22,616 borrowers had accessed formal financing for the first time, while 7,731 beneficiaries were recorded under youth empowerment initiatives.
Trade, commerce, agribusiness and agro-processing accounted for more than 80 per cent of the beneficiaries, highlighting the importance of these sectors to the company’s lending-support programme.
The NCGC chief explained that the organisation does not lend money directly to individuals or businesses. Instead, it provides partial guarantees to financial institutions, helping them manage lending risks and extend credit to eligible borrowers who might otherwise struggle to obtain loans because of inadequate collateral.
Under the arrangement, the company shares an agreed portion of the potential loss if a borrower defaults, giving participating lenders greater confidence to finance viable businesses.
NCGC reports employment impact
The company also reported that its interventions were associated with 175,481 direct jobs, according to participating financial institutions.
A further 739,310 indirect jobs were estimated to have been supported, bringing the total reported employment impact to 914,791.
The figures include both direct employment reported by lenders and indirect jobs estimated using employment multipliers. They do not necessarily represent jobs created exclusively by the NCGC.
Okhaimo said the company was committed to expanding access to credit and helping businesses overcome financing barriers that have historically limited their growth.
New initiative targets women-owned businesses
The NCGC chief also highlighted GuaranteeHer, a gender-responsive credit guarantee framework designed to strengthen existing lending programmes for women entrepreneurs.
The initiative aims to mobilise more than ₦100 billion in lending over five years, support at least 20,000 women-owned businesses and facilitate more than 150,000 direct and indirect jobs.
Rather than establish a separate loan product, the programme strengthens existing initiatives offered by participating banks, potentially enabling them to provide eligible women entrepreneurs with lower interest rates, reduced collateral requirements and longer repayment periods.
The company said it would continue working with financial institutions and other development partners to widen access to financing.
Government-backed credit programme expands
Established in 2025, the NCGC was created to address barriers that prevent businesses and individuals from accessing formal credit, particularly where borrowers cannot provide the conventional collateral required by lenders.
Its model is designed to use credit guarantees to support a larger volume of lending than the guarantee funds committed.
The latest figures indicate the scale of financing supported in the company’s first year, although the long-term impact will depend on sustained lending, responsible repayment and the ability of beneficiaries to grow their businesses.
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