NCGC guarantees N64.13bn loans to businesses, individuals
AI Executive Briefing
Gemini Flash AI~45s readThe National Credit Guarantee Company (NCGC) has successfully facilitated N64.13 billion in loans by providing credit guarantees that de-risk lending for borrowers lacking traditional collateral. By partnering with 19 financial institutions, the company has supported over 174,000 beneficiaries and created nearly one million jobs across Nigeria.
Context & Background
- ✦The NCGC operates with a N100 billion capital base contributed by the Bank of Industry, Ministry of Finance Incorporated, Nigeria Sovereign Investment Authority, and the Nigerian Consumer Credit Corporation.
- ✦The initiative addresses a critical gap in the Nigerian financial sector where viable businesses are often denied credit due to inadequate collateral requirements.
Key Figures & Named Entities
•Bonaventure Okhaimo, Managing Director and CEO of NCGC, stated the company's goal is to ensure no viable business is denied credit due to lack of collateral.•The NCGC has a standard guarantee coverage of 60%, which increases to 70% for the 'GuaranteeHer' initiative, with a maximum obligation of N50 million per borrower.
Outlook & Next Steps
The NCGC plans to continue its Credit Advantage Series, including a virtual engagement with the Nigeria Revenue Service to assist MSMEs with tax obligations and formal economy participation.
Key Takeaways
AI Summary- The National Credit Guarantee Company (NCGC) has facilitated N64.13 billion in loans by providing partial credit guarantees to de-risk lending for individuals and businesses lacking collateral.
- The NCGC has reached 174,495 borrowers across Nigeria, supporting over 914,000 direct and indirect jobs through partnerships with 19 financial institutions.
- The company launched 'GuaranteeHer,' a gender-responsive initiative offering up to 70% guarantee coverage to support women-owned enterprises with a target of N100 billion in lending over five years.
Key Facts:29 May, 2025: The NCGC was established following President Bola Tinubu's approval.9 August, 2025: The company obtained its operating licence from the Central Bank of Nigeria.21 October: The NCGC reached 174,495 borrowers across the 36 states and the FCT.
Editorial Excerpt
Mr Okhaimo said the company had reached 174,495 borrowers across the 36 states and the Federal Capital Territory
Frequently Asked Questions About This Story
Does the NCGC lend money directly to individuals or businesses?
No, the NCGC does not lend directly. Instead, it partners with financial institutions to share lending risks by providing partial guarantee coverage.
What is the primary purpose of the 'GuaranteeHer' initiative?
It is a gender-responsive credit guarantee initiative designed to improve financing for women-owned businesses by offering up to 70% guarantee coverage and better loan terms.
