NCGC guarantees N64.13bn loans to businesses, individuals

The National Credit Guarantee Company (NCGC) has supported N64.13 billion in loans to companies and individuals because it started operations, increasing entry to finance for Nigerians missing typical collateral.

The ‌‌‍‌‍⁠⁠‍‌‌‍⁠‌‍‍‍‌Managing Director and Chief Executive Officer of NCGC, Bonaventure Okhaimo, disclosed this on Tuesday at a information convention on the corporate’s efficiency and implementation of its mandate on the State House, Abuja.

He mentioned the corporate had deployed N30.19 billion in credit score guarantees to assist the loans, enabling monetary establishments to finance viable companies and individuals they could in any other case reject due to insufficient collateral.

“Our value proposition is simple. We provide partial guarantees that de-risk lending, expand the supply of credit and catalyse economic growth,” Mr Okhaimo mentioned.

He defined that NCGC doesn’t lend straight however companions with monetary establishments to share lending dangers, offering assure protection of up to 60 per cent beneath its normal framework.

“This allows lenders to say yes to borrowers they would otherwise turn away, often with less collateral and on better terms,” he mentioned.

Mr Okhaimo mentioned the corporate had reached 174,495 debtors throughout the 36 states and the Federal Capital Territory as of 21 October, via partnerships with 19 monetary establishments.

He mentioned ladies accounted for 42.7 per cent of the beneficiaries, whereas 22,616 micro, small and medium enterprises (MSMEs) had accessed formal financing for the primary time.

The NCGC boss mentioned the interventions had supported an estimated 914,791 jobs, comprising 175,481 direct jobs and 739,310 oblique jobs related to the companies.

He added that the corporate recorded 7,731 beneficiaries beneath youth empowerment, noting that it supposed to broaden entry to credit score for younger Nigerians.

To enhance financing for women-owned companies, Mr Okhaimo mentioned the corporate launched GuaranteeHer, a gender-responsive credit score assure initiative launched on July 29, and formally unveiled to stakeholders in Lagos on Sept. 3.

He mentioned the initiative focused greater than N100 billion in lending over 5 years, with at the least 20,000 women-owned enterprises anticipated to profit and generate greater than 150,000 jobs.

“Rather than create yet another product, we strengthen the programmes women already know, so lenders can offer lower interest rates, less collateral and longer tenors,” he mentioned.

Mr Okhaimo defined that GuaranteeHer offered protection of up to 70 per cent of eligible mortgage publicity, in contrast with the usual 60 per cent, with a most assure obligation of N50 million per borrower.

He mentioned the corporate had additionally launched its Credit Advantage Series to assist MSMEs enhance monetary literacy, perceive credit score necessities and strengthen their capability to entry and handle loans.

As a part of the programme, he mentioned NCGC was collaborating with the Nigeria Revenue Service on a digital engagement scheduled for Wednesday to assist companies perceive their tax obligations and necessities for taking part within the formal financial system.

The firm commenced operations with N100 billion in capital, contributed equally by the Bank of Industry, Ministry of Finance Incorporated, Nigeria Sovereign Investment Authority, and Nigerian Consumer Credit Corporation (CREDICORP).

Established on 29 May, 2025, with President Bola Tinubu’s approval, NCGC obtained its working licence from the Central Bank of Nigeria on 9 August, 2025, and operates beneath the oversight of the Federal Ministry of Finance.

Mr Okhaimo mentioned the capital base might assist a assure portfolio of up to N1 trillion beneath the corporate’s leverage framework, enabling it to mobilise further financing for companies and individuals.

“Our goal is clear: no viable Nigerian business should be denied credit simply because it lacks collateral,” he mentioned. (NAN)