FG Launches ‘YouthCred’ Loan Scheme to Empower Young Entrepreneurs, NYSC Members

The Federal Government has officially launched the Youth Credit Initiative, popularly known as YouthCred, as part of the Nigerian Consumer Credit Corporation (CREDICORP) programme aimed at empowering young entrepreneurs, particularly members of the National Youth Service Corps (NYSC).

The initiative was unveiled by the Minister of Youth Development, Ayodele Olawande, during a ceremony at the NYSC orientation camp in Abuja. According to the Minister, YouthCred will initially target NYSC members but will soon be expanded to include the informal sector and underserved communities.

Olawande described YouthCred as a “veritable platform” designed to provide single-digit interest loans to young Nigerians seeking to start or expand their businesses. He noted that the programme reflects President Bola Tinubu’s belief in the capacity of the nation’s youth to drive economic growth through small and medium-scale enterprises (SMEs).

“This initiative is an opportunity to empower the youths, particularly those who are innovative and have already established businesses. The president has been consistent in his interest to employ the youths, and this can be seen in his constant engagements with them,” Olawande said.

The Minister urged beneficiaries to repay their loans promptly, stressing that timely repayment would ensure more youths benefit from the scheme in the future.

NYSC Director-General, Brigadier General Olakunle Nafiu, lauded the initiative as a major step towards creating a positive impact on Corps Members and the NYSC scheme at large. He pledged full collaboration with CREDICORP to ensure smooth implementation, including integrating credit education into Corps Members’ orientation and training programmes.

CREDICORP, an initiative of President Tinubu’s administration, aims to remove structural, market, and policy barriers to credit access, with the goal of extending responsible consumer credit to 50% of working Nigerians by 2030.

Through YouthCred, the government hopes to enable young Nigerians to do more, achieve more, and build lasting financial confidence, thereby stimulating job creation, innovation, and overall national economic growth.