President Bola Tinubu has disclosed that the National Credit Guarantee Company (NCGC) has guaranteed N46.95 billion loans to Nigerian borrowers across the country. According to him, a total of 67,512 borrowers will benefit from this scheme, aimed at providing much-needed financial support to individuals and small businesses.
Tinubu made this announcement during an event in Abuja, although NCGC has not said when the facility began operating. The NCGC is a government agency established to provide credit guarantees to eligible borrowers who may otherwise be unable to access financing due to lack of collateral or poor credit history.
This initiative is part of Tinubu’s ongoing efforts to stimulate economic growth and development in Nigeria, particularly for micro, small and medium-sized enterprises (MSMEs). In the past, similar loan guarantee schemes have been successful in other countries, such as India, where they helped millions of entrepreneurs access funding and create jobs.
Critics, however, argue that more needs to be done to address systemic issues hindering the growth of MSMEs in Nigeria, including access to finance, infrastructure, and regulatory barriers. Nonetheless, Tinubu’s announcement has been welcomed by many as a positive step towards addressing these challenges.
This story was first reported by ThisDayLive
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