The National Credit Guarantee Company Limited (NCGC) has supported loans worth N64.13 billion for 174,495 borrowers across Nigeria, with the intervention linked to an estimated 914,791 jobs.
The company’s Managing Director and Chief Executive Officer, Dr Bonaventure Okhaimo, disclosed this during a press briefing at the State House, Abuja.
He said the loans were backed by guarantees worth N30.19 billion, translating to approximately N2.12 in lending for every N1 guaranteed by the company.
According to the performance report as of October 21, 2026, the programme had reached beneficiaries in all 36 states and the Federal Capital Territory through 19 participating financial institutions, including commercial banks, microfinance banks and development finance institutions.
Okhaimo explained that NCGC does not lend directly to borrowers but provides partial guarantees to financial institutions, reducing their exposure to losses and encouraging lending to businesses and individuals who lack conventional collateral.
He said the scheme primarily aims to improve access to credit for micro, small and medium-sized enterprises (MSMEs), while potentially reducing borrowing costs by lowering the risk premiums charged by lenders.
However, he noted that participating financial institutions retained responsibility for determining interest rates.
The NCGC chief also disclosed that women accounted for 74,503 beneficiaries, representing 42.7 per cent of total borrowers, while 22,616 people accessed formal financing for the first time. The programme also recorded 7,731 beneficiaries under youth empowerment.
Trade and commerce, alongside agribusiness and agro-processing, accounted for more than 80 per cent of beneficiaries, according to the report.
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On employment, Okhaimo said participating financial institutions reported 175,481 direct jobs associated with supported borrowers, while the company estimated 739,310 indirect jobs, bringing the total to 914,791.
He explained that direct employment figures were based on information supplied by participating lenders, while indirect jobs were calculated using sector-specific economic multipliers.
The NCGC boss also highlighted GuaranteeHer, a gender-responsive credit guarantee initiative launched on July 29, 2026, to improve access to financing for women-owned businesses.
The programme targets more than N100 billion in lending over five years, at least 20,000 women-owned MSMEs and 150,000 jobs. It provides guarantee coverage of up to 70 per cent of eligible loan exposure, subject to a maximum obligor limit of N50 million.
He said the initiative complements existing women-focused lending programmes operated by financial institutions rather than introducing an entirely new loan product.
On default risks, an NCGC representative said the company was prepared to settle valid claims from participating financial institutions within 30 days. However, no claims had been submitted as of the briefing.
Established by the Federal Government on May 29, 2025, NCGC was licensed by the Central Bank of Nigeria on August 9, 2025, and operates under the supervision of the Federal Ministry of Finance.
The company has a capital base of N100 billion, jointly owned in equal 25 per cent stakes by the Bank of Industry, Ministry of Finance Incorporated, Nigeria Sovereign Investment Authority and Nigerian Consumer Credit Corporation.
Okhaimo said NCGC would continue expanding access to credit for MSMEs, women, young people and productive sectors, while strengthening partnerships with financial institutions and improving its digital operations.
He added that the company would provide capacity-building support to help businesses become credit-ready, stressing that viable enterprises should not be denied financing solely because of inadequate collateral.
