Nigeria has unveiled a new initiative aimed at transforming youth access to finance through the launch of YouthCred, a consumer credit scheme designed to provide affordable loans to young people across the country.
The programme, introduced by the Nigerian Consumer Credit Corporation (CREDICORP) at the National Youth Service Corps (NYSC) Orientation Camp in Kubwa, Abuja, is part of President Bola Ahmed Tinubu’s Renewed Hope agenda to expand credit availability and strengthen financial inclusion. It was later replicated in Lagos at the NYSC Orientation Camp in Ipaja.
YouthCred seeks to extend responsible and flexible credit facilities to over 400,000 young Nigerians, with the first phase targeting corps members. Participants will undergo a short digital credit education programme before accessing loans for needs such as relocation, purchase of work tools, vocational training, or small business funding. Eligible corps members can initially access smaller loans, gradually building up to N200,000, depending on repayment history.
CREDICORP Managing Director, Uzoma Nwagba, described the scheme as a movement to cultivate a new credit culture in Nigeria. He stressed that the heart of the programme is financial education, noting that building credit history and responsible borrowing are crucial for long-term economic empowerment. He added that the initial target for YouthCred is N9 billion, with room for expansion as adoption grows.
At the Abuja launch, the Minister of Youth Development said the scheme was not limited to corps members but open to all young Nigerians, enabling them to turn innovative ideas into reality. In a symbolic gesture, he awarded startup funds of N1 million each to select corps members who articulated the vision of CREDICORP, encouraging others to embrace entrepreneurship rather than wait for jobs.
The Lagos State Commissioner for Youth and Social Development welcomed the initiative, describing it as revolutionary and aligning it with ongoing state-level efforts to promote youth empowerment, social inclusion, and gender equality. The NYSC Lagos Coordinator commended the federal government for prioritising corps members’ welfare, while the NYSC Director-General praised the scheme as a step that will enhance youth financial independence and promote entrepreneurship nationwide.
Organisers emphasised that YouthCred is more than just access to money. It is also a national campaign to reshape how young people think about borrowing, financial responsibility, and trust in financial systems. By embedding credit orientation into NYSC’s programmes, the scheme aims to prepare a generation of Nigerian youth to manage money wisely while accessing resources to support their ambitions.
Stakeholders agreed that the initiative, if sustained, will not only boost financial resilience for young Nigerians but also strengthen the country’s drive toward entrepreneurship-led economic growth.
