The National Credit Guarantee Company (NCGC) has reportedly backed N64.13 billion in loans to 174,495 borrowers across Nigeria since it began operations last year, according to multiple sources.
The latest figures were disclosed by the NCGC’s Managing Director, Mr. Chinedu Okhaimo, who noted that the loans were provided to individuals and businesses in all 36 states and the Federal Capital Territory.
Okhaimo’s statement corroborates reports by Premium Times Nigeria, which cited the NCGC as saying it aimed to support millions of Nigerians and micro, small, and medium-sized enterprises (MSMEs) by providing credit guarantees to financial institutions.
The NCGC’s intervention comes at a critical time as many Nigerians struggle to secure loans to fund their businesses and other ventures due to stringent lending requirements imposed by banks.
Okhaimo stated that the NCGC’s loan guarantees had helped to stimulate economic growth and job creation in various sectors, including agriculture, manufacturing, and services.
He also noted that the NCGC had put measures in place to ensure the sustainable repayment of loans, including a rigorous credit assessment process and close monitoring of borrowers.
However, the NCGC has not said when the facility began operating, and there is no information available on how many loans have been successfully repaid.
The NCGC is a government-owned company established to provide credit guarantees to financial institutions to help reduce the risk of lending to small and medium-sized businesses.
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