NCGC says N64bn in guaranteed loans has reached 174,495 Nigerians
- The National Credit Guarantee Company don back ₦64.13bn in bank loans with ₦30.19bn in guarantees since e start work.
- Im chief executive talk say 22,616 small businesses and individuals get bank loans for the first time, with women at 42.7 per cent.
- The company talk say no partner bank never file claim for any loan wey default.
A federal company wey dem set up to help Nigerians wey no fit meet bank collateral demands talk say e don back ₦64.13 billion in loans, using ₦30.19 billion of im own guarantees as of 21 October 2026.
The National Credit Guarantee Company (NCGC) give the figures on Tuesday for one briefing at the State House in Abuja. Im managing director and chief executive, Bonaventure Okhaimo, talk say 174,495 people across the 36 states and the Federal Capital Territory don benefit through 19 partner financial institutions.
From that number, 22,616 micro, small and medium enterprises (MSMEs) get bank loan for the first time, and women make up 42.7 per cent of beneficiaries.
Why e matter for small businesses
Many Nigerian businesses dey get loan rejection because banks want collateral wey pass the money wey dem wan borrow. The NCGC no dey lend directly. Instead, e dey cover up to 60 per cent of the risk on a loan, so the bank go dey more willing to lend to a business wey e for otherwise reject.
Okhaimo talk am simple: for every ₦1 of guarantee, about ₦2 in loans dey created. He talk say dem set up the scheme on President Bola Tinubu instruction say a viable business no suppose fail just because e no get collateral.
The company also talk say im interventions dey linked to 914,791 jobs, made up of 175,481 direct jobs wey the banks report and about 739,310 indirect jobs wey dem estimate using development finance multipliers. Those indirect figures na estimates, no be count of actual workers.
On defaults, the executive director for risk management, Utezike Loseni, talk say no partner bank never file claim for payment so far. He talk say any valid claim go dey settled within 30 days once the conditions meet.
Okhaimo careful on interest rates. He talk say the guarantees target the risk premium wey banks dey add to loans, wey fit pull rates down over time, but the NCGC no dey set rates because e no be the lender. He talk say the company dey work with the Central Bank of Nigeria (CBN) on possible capital relief for guaranteed loans.
He also stress say guarantee no be grant. Borrowers must run viable businesses and repay.
Women and youth
Under im Guarantee Her scheme, wey dem launch on 29 July 2026, the company dey cover up to 70 per cent of qualifying loans to women-owned businesses, against the usual 60 per cent. E target more than ₦100 billion in lending to at least 20,000 women-owned enterprises over five years, with loans of up to ₦50 million per borrower.
Only 7,731 young Nigerians don benefit so far, a figure wey Okhaimo call too low. He talk say the company want young people to make up at least 40 per cent of beneficiaries.
Dem set up the NCGC on 29 May 2025 and CBN license am on 9 August 2025. E start with ₦100 billion in capital, shared equally by the Bank of Industry, Ministry of Finance Incorporated, the Nigerian Sovereign Investment Authority and the Nigerian Consumer Credit Corporation. The company talk say that capital fit support a guarantee portfolio of up to ₦1 trillion.
Wetin go happen next: The company talk say growth go depend on signing up more banks and making more businesses aware of the scheme. E also dey in talks with the CBN on rules wey fit make guaranteed loans cheaper for banks to hold.
