The federal government has launched a YouthCred initiative to empower over 500,000 young entrepreneurs across the country.
The minister of finance and coordinating minister of the economy, Mr. Taiwo Oyedele, stated this at the launch of the initiative on Wednesday in Abuja.
Oyedele said the initiative was aimed at unlocking the entrepreneurial potential of young Nigerians and accelerating economic growth through access to affordable credit.
The minister said the initiative was implemented by the Nigerian Consumer Credit Corporation (CREDICORP) and designed to bridge the financing gap of many young business owners.
He said it would also provide them with the resources needed to start, sustain, and scale their enterprises.
According to him, the program reflects the federal government’s commitment to building a more inclusive economy where young people are equipped to build thriving businesses.
The minister noted that empowering young entrepreneurs remained central to the administration’s economic agenda.
He stressed that expanding access to credit would stimulate innovation, create jobs, and strengthen Nigeria’s small business ecosystem.
Oyedele expressed confidence that YouthCred would significantly contribute to wealth creation and position many young Nigerians to become active drivers of national development.
“Through youth credit for entrepreneurs, eligible Nigerians aged 18 to 35 can access financing from N200,000 to N2 million, based not on inherited wealth or collateral.
“It is simply on responsible credit behaviour, cash flow, and repayment capacity delivered through regulated financial institutions,” he said.
He urged eligible Nigerians to treat the facility as a loan that must be repaid, rather than view it as an entitlement or their share of the national cake.
The minister stressed that prompt repayment would ensure the sustainability of the programme and enable more young entrepreneurs to benefit from it.
According to him, responsible use of the credit facility will not only help beneficiaries grow their businesses but also strengthen the culture of financial discipline and trust that is critical to expanding access to consumer credit across the country.
In a goodwill message, the ministers of budget and economic planning, Mr. Abubakar Bagudu, commended President Bola Tinubu’s efforts in the initiative.
Bagudu said the gesture would deepen financial inclusion and expand access to digital tools for Nigerians.
Also the minister of youth development, Ayodele Wisdom, described the initiative as a critical step toward empowering youths, boosting productivity, and driving inclusive economic growth across the country.
He also applauded CREDICORP for its innovative approach to expanding access to consumer credit and digital tools.
Earlier, the Managing Director and Chief Executive Officer of CREDICORP, Mr Uzoma Nwagba, said the agency had enabled over N47 billion in consumer credit to more than 301,000 Nigerians.
Nwagba noted that the initiative marked the third phase of the programme’s rollout targeted at young Nigerians.
He explained that the successful implementation of earlier phases for National Youth Service Corps (NYSC) members and employed youths led to the initiative.
He expressed optimism that the initiative would reach between 500,000 and one million beneficiaries before the end of the year.
