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A federal government-backed credit guarantee scheme has helped nearly 175,000 Nigerians obtain loans worth ₦64.13bn, with the intervention also linked to the creation of hundreds of thousands of jobs across the country.
The National Credit Guarantee Company Limited disclosed that 174,495 borrowers had benefited from the initiative as of October 21, 2026. The programme is designed to make it easier for individuals and businesses to secure financing from participating financial institutions.
The company’s Managing Director and Chief Executive Officer, Dr Bonaventure Okhaimo, said the scheme had deployed ₦30.19bn in guarantees through 19 financial institutions. These guarantees help reduce the risks lenders face when extending credit to eligible borrowers.
Unlike conventional lending arrangements, the NCGC does not provide cash loans directly to applicants. Rather, it provides guarantees that encourage financial institutions to extend credit to businesses and individuals who may not have sufficient collateral to satisfy traditional lending requirements.
Women and young people have also benefited from the intervention. Data released by the company showed that 74,503 beneficiaries were women, while 22,616 people obtained formal credit for the first time. Another 7,731 beneficiaries accessed financing through youth-focused initiatives.
Small businesses and productive sectors have accounted for a significant share of the programme’s reach, with trade, commerce, agriculture and agro-processing representing more than 80 per cent of beneficiaries.
The company further reported that businesses supported through the scheme were associated with 175,481 direct jobs and an estimated 739,310 indirect employment opportunities, bringing the combined figure to 914,791.
As part of efforts to expand access to funding for female entrepreneurs, the NCGC introduced the GuaranteeHer programme. The initiative is targeting more than ₦100bn in credit over five years, with plans to support at least 20,000 women-owned businesses and generate over 150,000 jobs.
The company said its broader objective was to address barriers that prevent qualified borrowers from obtaining loans, while encouraging financial institutions to offer more accessible financing terms to support business expansion and economic activities.
