Ayodele Olawande, minister of youth development, has unveiled ‘YouthCred’, a federal government initiative aimed at providing members of the National Youth Service Corps (NYSC) with access to single-digit interest loans to support their entrepreneurial ambitions.
Last week, the Nigerian Consumer Credit Corporation (CREDICORP) partnered with NYSC to provide corps members with access to credit facilities up to N200,000 under the initiative.
Speaking at the Lagos NYSC camp on Thursday, Olawande described Nigerian youths as among the most brilliant, hard-working, and innovative globally.
He emphasised the federal government’s commitment to ensuring that financial constraints do not hinder young Nigerians from pursuing their dreams.
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“If there’s any country in the world, including the United States, that has the most brilliant, workaholic and passionate innovative youths, it is Nigeria,” Olawande said.
“We don’t want you to lose your dream because of the lack of a token; that is why we are bringing YouthCred to you. This will give you the push needed to start your business.”
He urged corps members to be patient and persistent, noting that rebuilding Nigeria’s economy is a gradual process.
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“Now, we have a president that leads and listens, and that’s why learning that skill and growing that business is important,” the youth minister added.
Uzoma Nwagba, managing director of CREDICORP, highlighted the importance of responsible credit in empowering young people.
“The challenge that we have been given by Mr President is that responsible credit is one of the most powerful things that can advance your life,” Nwagba said.
“If you can get something today and start using it to better your life and build your credit score over time responsibly, your life is getting better.”
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He said access to credit could enable youths to acquire essential tools such as laptops or smartphones to engage in online work and improve their livelihoods without waiting years to save up.
Nwagba acknowledged the stigma around borrowing but said credit, when managed responsibly, is a valuable tool for financial growth.
“The president believes that we should make consumer credit widely accessible. We want to enable credit to be cheaper for you than when you go to a financial institution. We are here to make credit easily accessible,” he said.
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