Tinubu: Credit Guarantee Company’ll unlock financing for small businesses

President Bola Tinubu says the establishment of the National Credit Guarantee Company (NCGC) marks another step in his administration’s drive to build a credit-based economy and expand access to finance for Nigerians.

Tinubu said the initiative fulfils a key campaign promise to create a loan guarantee scheme that would help small businesses overcome the challenges of accessing credit needed to grow.

The president, in a post on his X account on Monday, September 28, 2026, noted that easier access to credit would improve the lives of working Nigerians by enabling families to purchase essential goods and repay over time, while allowing businesses to invest, expand operations and create jobs based on future income.

He said his administration had spent the past months putting in place the institutions required to make affordable credit more accessible across different sectors of the economy, adding that the Bank of Industry (BOI) and the Development Bank of Nigeria (DBN) are also supporting businesses with funding to stimulate economic growth.

Tinubu stated: “When I sought your mandate, I promised to move Nigeria towards a credit-based economy and to establish a loan guarantee scheme that would help small businesses overcome the barriers that keep them from finance.

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“That promise was about something practical. A worker with access to credit can buy what the family needs and pay over time, and a small business can invest today against the income it expects tomorrow.

“We have been building the institutions to make that possible. Through CREDICORP, working Nigerians can access consumer credit. Our students can finance their education through NELFUND, while the Bank of Industry and Development Bank of Nigeria continue to lend to businesses.”

Tinubu noted that the newly established National Credit Guarantee Company addresses one of the biggest obstacles faced by businesses – access to credit – by providing guarantees that reduce lending risks and encourage financial institutions to extend more loans to entrepreneurs and small businesses.