The Federal Government has unveiled the Youth Credit Initiative, known as YouthCred, under the Nigerian Consumer Credit Corporation (CREDICORP), to support young entrepreneurs, with an initial focus on National Youth Service Corps (NYSC) members.
The programme was introduced at the NYSC orientation camp in Abuja by the Minister of Youth Development, who said the scheme would soon extend beyond Corps Members to reach the informal sector and underserved communities. YouthCred offers single-digit interest loans to young Nigerians seeking to start new ventures or expand existing businesses.
According to the minister, the initiative reflects the administration’s confidence in the potential of young people to contribute significantly to Nigeria’s economic growth through small and medium-sized enterprises. He urged beneficiaries to use the loans to strengthen their ventures and to ensure timely repayment so more youths can access the facility in the future.
The NYSC leadership pledged full cooperation with CREDICORP to ensure smooth implementation, including adding credit education to Corps Members’ training.
CREDICORP was established by the government to break market, structural, and policy barriers to credit access. Its goal is to extend consumer credit to half of Nigeria’s working population by 2030, empowering citizens to grow businesses, improve livelihoods, and build financial resilience.
