President Bola Ahmed Tinubu has said working-class Nigerians and students can now access loans through financing schemes introduced or strengthened by his administration, as part of efforts to move the country toward a credit-based economy.
Tinubu made the remarks in a statement posted on X on Monday, highlighting progress under the government’s credit and loan initiatives. He said working Nigerians could access consumer credit through the Nigerian Consumer Credit Corporation (CREDICORP) and students could finance their education via the Nigerian Education Loan Fund (NELFUND). The Bank of Industry and the Development Bank of Nigeria, he added, continue to provide business loans.
The president also highlighted the role of the National Credit Guarantee Company (NCGC), which shares lending risk with participating financial institutions to expand access to business credit. NCGC currently works with 19 financial institutions — 13 commercial banks, three microfinance banks and three development finance institutions.
One year after commencing operations, NCGC has issued ₦21.59 billion in guarantees, enabling participating lenders to extend ₦46.95 billion in loans — a leverage of about ₦2.17 for every ₦1 in guarantees. According to the presidency, 67,512 borrowers across 25 states and the Federal Capital Territory have received NCGC-backed credit, including 11,374 women. Some 33.5 percent of beneficiaries were first-time formal borrowers, translating to more than 22,000 Nigerians entering the formal credit system.
Tinubu said access to credit would help households meet immediate needs and allow businesses to invest, expand and create jobs. The NCGC estimates that businesses supported through its guarantees account for 661,291 direct and indirect jobs.
“We have been building the institutions to make that possible,” Tinubu wrote. “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. Promise made, promise kept.”
The president said his administration would continue expanding access to credit so more Nigerians and businesses could benefit from opportunities created by economic reforms.
