Credit guarantees have unlocked ₦64bn in loans for 174,000 Nigerians
Women are 43% of borrowers, and 22,616 small firms got formal credit for the first time, the NCGC says.
Olanrewaju Adewole
Abuja — The National Credit Guarantee Company (NCGC) says it has backed ₦64.13 billion in loans to Nigerian businesses and individuals since it started, by covering part of the risk for lenders.
Managing director Bonaventure Okhaimo said the company has issued ₦30.19 billion in guarantees. It does not lend itself. Instead it covers up to 60% of a loan, so banks can say yes to borrowers they would otherwise turn down, often with less collateral and on better terms.
Who has benefited, as of 21 October
- 174,495 borrowers in all 36 states and Abuja, through 19 lenders.
- Women: 42.7% of beneficiaries.
- 22,616 micro, small and medium businesses borrowing formally for the first time.
- 7,731 young people under its youth programme.
- An estimated 914,791 jobs supported, 175,481 of them direct.
In July the company launched GuaranteeHer, a credit guarantee aimed at women-owned businesses.
Source: Premium Times / NAN, 27 October 2026.
