President Bola Tinubu says Nigeria’s national credit scheme has helped lenders extend ₦46.95bn in loans to 67,512 borrowers in its first year of operation.
He said the National Credit Guarantee Company had issued ₦21.59bn in guarantees across 25 states and the Federal Capital Territory, reducing risk for participating lenders and widening access to credit for small businesses and workers.
The figures were released on Monday in a one-year review of the scheme. Channels TV reported that 11,374 of the borrowers were women, while 33.5 per cent were first-time formal borrowers.
Tinubu said the programme was designed to help businesses that struggle to secure bank finance because they lack collateral or a credit record. Daily Post reported that he linked the scheme to his earlier promise to move Nigeria towards a credit-based economy.
The government said the guarantee model is meant to let banks lend to more viable businesses while limiting the risk that has kept many smaller borrowers outside formal credit channels.
Sources: Punch, Channels TV, Daily Post
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