FG launches ‘YouthCred’ to boost financial inclusion, productivity for young workers

The federal government has unveiled ‘YouthCred’, a new credit initiative under the Nigerian Consumer Credit Corporation (CREDICORP), targeting employed youths.

Under the scheme, gainfully employed Nigerian youths aged of 18 to 39 can access up to N5 million in credit.

Speaking at the launch in Abuja on Thursday, Wale Edun, minister of finance and coordinating minister of the economy, said the initiative is a practical expression of President Bola Tinubu’s vision for a modern and credit-enabled economy.

Edun said as government reforms strengthen the economy, Nigerians must also feel the gains in their daily lives through access to tools that make them more productive and financially secure.

He said the YouthCred marks a significant step toward expanding financial inclusion and easing the economic pressures that young workers are facing.

The minister added that the programme aligns with Tinubu’s broader economic reforms aimed at improving livelihoods, stimulating consumer spending and supporting small and growing enterprises.

According to Edun, giving young people access to affordable credit will boost national productivity and contribute to long-term economic growth.

“The YouthCred is about dignity for you, your financial independence, your access to resources to be able to live your dreams and not be constrained,” he said.

“The access to the opportunity is for all, and of course, it is about inclusion.

“The ultimate aim of the government is to build and we’re well on the way to that with the removal of market distortions and stabilising of the economy, the aim is to build a competitive economy that is growing rapidly, sustainably and inclusively, the young, the women and even those who are less advantaged.”

‘CREDICORP HAS DISBURSED N30BN TO OVER 200,000 NIGERIANS’

Uzoma Nwagba, managing director of CREDICORP, said YouthCred has evolved from a pilot scheme into a national pathway for youth empowerment.

He said the agency has disbursed more than N30 billion to over 200,000 Nigerians in the past year, including youth corps members and young people seeking financing for mobility and digital tools, with zero non-performing loans recorded so far.

Nwagba said the goal is to reach one million youth by 2026, reflecting both the scale of demand and the administration’s commitment to unlocking opportunity for millions of young Nigerians through the country’s most affordable structured credit.

He reaffirmed the government’s commitment to ensuring that credit becomes a tool for empowerment rather than a burden, adding that responsible lending practices and proper verification systems have been put in place to safeguard the process.

He said the scheme offers loans without collateral, with interest rates capped at two percent per month and a six-month grace period before repayment begins.

He stressed that the programme seeks to offer a viable alternative to predatory lenders also known as ‘loan sharks’, providing a more affordable and sustainable credit option for beneficiaries.

On August 14, the federal government launched YouthCred initiative aimed at providing members of the National Youth Service Corps (NYSC) with access to single-digit interest loans to support their entrepreneurial ambitions.