The Federal Government has launched the YouthCred for Employed Youth initiative under the Nigerian Consumer Credit Corporation (CREDICORP), describing it as a major step toward empowering young Nigerians and strengthening participation in a credit-based economy.
Under the scheme, gainfully employed Nigerians between ages 18 and 39 can access credit of up to N5 million.
Speaking at the unveiling held at the Ministry of Finance auditorium in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the initiative represents a practical expression of President Bola Tinubu’s vision for a modern, credit-enabled economy. His remarks were contained in a statement issued on Friday by CREDICORP Managing Director, Uzoma Nwagba.
Edun stated that Nigerians should begin to feel the impact of ongoing economic reforms through improved access to tools that enhance productivity and financial stability.
“The initiative represents a major step towards expanding financial inclusion and easing economic pressures on young workers,” the minister said. “It 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. Edun also urged beneficiaries to use the loans responsibly and ensure timely repayment.
“The YouthCred is about dignity, your financial independence, and your access to resources to live your dreams,” he said. “Under President Bola Tinubu, access to opportunity is for all, and it is about inclusion.”
Edun noted that the government aims to build a competitive economy that grows sustainably and inclusively, benefiting young people, women, and other disadvantaged groups.
CREDICORP Managing Director, Uzoma Nwagba, explained that YouthCred has grown from a pilot scheme into a national pathway for youth empowerment. He said more than N30 billion had been released in the past year to over 200,000 Nigerians, including youth corps members and young workers needing financing for mobility and digital tools.
Nwagba also disclosed that CREDICORP had recorded zero non-performing loans so far, adding that the target is to reach one million beneficiaries by 2026. He said the expansion reflects both the scale of demand and the administration’s commitment to unlocking opportunities for young Nigerians through structured, affordable credit.
He assured that responsible lending practices and verification systems have been put in place to ensure credit remains a tool for empowerment, not a burden. According to him, the scheme requires no collateral, offers interest rates as low as 2 per cent monthly, and includes a six-month moratorium.
Nwagba added that the programme provides an alternative to loan sharks by offering sustainable and predictable credit solutions.
Launched nationally in mid-2025, YouthCred is designed to deliver collateral-free loans to about 400,000 Nigerians aged 18–39. The platform features loan tiers ranging from N5,000 for low-income workers to N5million for entrepreneurs, with near-single-digit interest rates, automatic repayment systems through NYSC allowances or salary deductions, and mandatory financial-literacy modules.
The fully digital onboarding system also provides flexible repayment tenors of up to 24 months and supports credit-building to promote responsible borrowing and long-term financial inclusion.
