By Joyce Ekeh
The National Credit Guarantee Company Limited (NCGC) has unlocked ₦64.13 billion in bank loans for 174,495 borrowers nationwide, pledging to dismantle collateral barriers that have kept viable Nigerian businesses out of formal credit.
The company said 22,616 Nigerians had accessed formal bank credit for the first time, while its interventions supported an estimated 914,791 direct and indirect jobs within its first 14 months of operation.
Managing Director and Chief Executive Officer, Dr. Bonaventure Okhaimo, disclosed this on Tuesday while briefing State House correspondents at the Presidential Villa, Abuja, on the company’s achievements and expansion plans.
He said NCGC had deployed ₦30.19 billion in credit guarantees to unlock the ₦64.13 billion in loans as of October 21, 2026, reaching more than 170,000 beneficiaries through 19 participating financial institutions.
“For every one naira that we give as a credit guarantee to a bank, it creates two naira in loans. That’s the additionality,” Okhaimo said.
He explained that the company, established by President Bola Tinubu to improve access to credit, guarantees eligible loans rather than lending directly to businesses or individuals.
“The President has said, don’t let a viable Nigerian business suffer because it doesn’t have collateral. He has taken the collateral and given it to the bank. So that’s what we are doing,” he said.
According to him, NCGC currently assumes up to 60 per cent of the credit risk on eligible loans, encouraging banks to relax collateral requirements while retaining responsibility for credit assessment, monitoring and recovery.
He noted that some banks traditionally demand collateral worth more than 150 per cent of the loan amount, shutting out businesses that lack acceptable assets despite their viability.
“What we are saying is, forget about collateral. Do the other due diligence. As long as the customer’s business is viable and the customer has good character, we are willing to support by giving you a credit guarantee that will enable you to give loans to your customers,” he said.
On employment, Okhaimo said the estimated 914,791 jobs comprised direct employment reported by participating banks and indirect jobs calculated using recognised development finance multipliers, including those of the African Development Bank.
Executive Director, Strategy and Operations, Mrs. Tinuola Aigwedo, said women entrepreneurs remained disproportionately excluded from formal credit because many lacked assets acceptable as collateral.
Women account for 42.7 per cent of NCGC beneficiaries, while the company is targeting ₦100 billion in credit for women entrepreneurs and 40 per cent youth participation in its interventions.
