President Tinubu Unlocks ₦46.95 Billion in Small Business Loans

President Bola Ahmed Tinubu announced that the National Credit Guarantee Company (NCGC) unlocked ₦46.95 billion in loans for 67,512 borrowers across 25 states and the Federal Capital Territory during its first year of operations. The NCGC issued ₦21.59 billion in loan guarantees, effectively unlocking approximately ₦2.17 in credit for every ₦1 guaranteed. Established in July 2025 with ₦100 billion in initial capital, the agency shares lending risk with 19 financial institutions to support borrowers who lack sufficient collateral.

Tinubu framed the results as a transition from economic reforms to tangible opportunities, reaffirming his commitment to move Nigeria toward a credit-based economy. He noted that the initiative allows small businesses to invest based on future expected income rather than current assets. The NCGC estimates that the supported businesses account for 661,291 direct and indirect jobs. Among the beneficiaries, 11,374 are women, and 33.5 percent are first-time formal borrowers.

To further expand access, the government introduced GuaranteeHer, an initiative targeting ₦100 billion in financing for more than 20,000 women-owned businesses over five years. Tinubu linked these efforts to a broader network of financing bodies, including CREDICORP for consumer credit, NELFUND for student education, and the Bank of Industry and Development Bank of Nigeria for business lending.