FG expands CREDICORP loan to employed youths, offers up to N5m credit
File: Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
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The Federal Government has launched the YouthCred for Employed Youth initiative under the Nigerian Consumer Credit Corporation, describing it as a major step toward empowering young Nigerians and strengthening participation in a credit-based economy.
Under the scheme, gainfully employed Nigerians aged 18 to 39 can access credit of up to ₦5 million.
Unveiling the programme at the Ministry of Finance auditorium in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the initiative as a practical expression of President Bola Tinubu’s vision for a modern, credit-enabled economy.
This was contained in a statement issued on Friday by CREDICORP Managing Director, Uzoma Nwagba.
Edun said Nigerians should begin to feel the impact of ongoing reforms through improved access to tools that enhance productivity and financial stability.
He said, “The initiative represents a major step towards expanding financial inclusion and easing economic pressures on young workers.
“The initiative aligns with President Bola Ahmed Tinubu’s broader economic reforms targeted at improving livelihoods, stimulating consumer spending and supporting small and growing enterprises.”
He added that granting young people access to affordable credit would enhance national productivity and support long-term economic growth, while urging beneficiaries to use the loans responsibly and ensure timely repayment.
“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. You are not.
“Under President Bola Tinubu, it is no longer a question of a few people having privileged access. No, the access to the opportunity is for all, and of course, it’s about inclusion,” the minister said.
He said the government aims to build a competitive economy that grows “rapidly, sustainably and inclusively,” benefiting young people, women and other disadvantaged groups.
Earlier, CREDICORP Managing Director, Uzoma Nwagba, said YouthCred had grown from a pilot into a national pathway for youth empowerment.
He said more than ₦30 billion had been released in the past year to over 200,000 Nigerians, including youth corps members and others needing financing for mobility or digital tools.
Nwagba also disclosed that CREDICORP had recorded zero non-performing loans so far, adding that the target is to reach one million youths by 2026.
He said the expansion reflects the scale of demand and the administration’s commitment to unlocking opportunities for young Nigerians through affordable, structured credit.
He assured the public that government has put in place responsible lending practices and verification systems to ensure credit remains a tool for empowerment and not a burden.
The MD said the scheme requires no collateral, offers interest rates as low as 2 per cent monthly, and provides a six-month moratorium.
He added that the programme was designed to offer a viable alternative to “loan sharks,” providing more sustainable credit options.
The Federal Government rolled out the YouthCred initiative in mid-2025 to deliver collateral-free credit to about 400,000 young Nigerians aged 18–39.
The platform features loan tiers from ₦5,000 for employed youths to ₦5 million for entrepreneurs, with near-single-digit interest rates, automatic repayments through NYSC allowances or salary deductions, and mandatory financial-literacy modules.
The initiative also includes a fully online onboarding process, flexible tenors of up to 24 months and a credit-building framework to promote responsible borrowing.
Deborah, has three years of experience covering the education sector, trade unions, politics and international affairs, and is a journalist with The PUNCH
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