FG to launch consumer credit scheme to empower 400,000 youths in July

President Bola Tinubu has announced plans to launch a new consumer credit initiative in July to empower 400,000 young Nigerians, including National Youth Service Corps (NYSC) members.

Tinubu spoke on Thursday while addressing a joint session of the national assembly in Abuja to mark Democracy Day.

The president said the initiative would be implemented through the Nigerian Consumer Credit Corporation (CREDICORP), which has already extended credit access to over 100,000 Nigerians, including 35,000 civil servants.

“In less than one year, over one hundred thousand Nigerians, including thirty-five thousand civil servants, have benefited from affordable consumer credit through the Nigerian Consumer Credit Corporation (CREDICORP), enabling them to purchase vehicles, light up and improve their homes and purchase life essentials,” Tinubu said.

“This July, we will launch a bold new initiative to empower four hundred thousand young Nigerians, including youth corpers, with consumer credit.

“We are committed to giving more opportunities to young people through job creation and skills development.

“Through such programmes as NELFUND, we are investing in education, vocational training, apprenticeships, and internships to ensure our youth are job-ready and future-ready.”

Tinubu said his administration moved to reform the ‘ailing’ economy upon assumption of office, introducing fundamental changes to correct structural imbalances that prevent growth.

He said the reforms are beginning to yield results, citing improved macroeconomic indicators.

“We are already seeing results. GDP grew by 3.4 per cent in 2024, with Q4 hitting 4.6 per cent, the highest quarter of growth in over a decade. Inflation is easing gradually, steadying the price of food staples like rice and beans,” he said.

“Our net foreign reserves have increased five-fold, and the Naira exchange rate has stabilised. Our balance of payments position is positive; our sovereign credit rating is improving as we continue to promote oil and non-oil exports.

“States now do not need to go about borrowing to pay salaries.”

The politician also announced that the federal government has begun laying fibre optic cables across the country to improve connectivity and bridge the digital divide.

This initiative, Tinubu said, will enhance the speed and reliability of internet access, and revolutionise how businesses operate, how students learn, and how communities stay connected.

‘WE’RE ON THE PATH TO FOOD SOVEREIGNTY’

He added that the government’s ‘Nigeria First’ policy will consolidate market-driven growth and help deliver its medium-term target of 7 percent annual gross domestic product (GDP) growth, with a stronger focus on manufacturing.

“We must learn to produce and grow most of our food and we are on the path to achieving food sovereignty,” the president said.

Tinubu said the economic reforms have placed the economy on a more rational footing where critical decisions regarding large-scale investment can now be made.