Reported By Mary Udezue | Edited by: Gabriel Osa
Abuja, Nigeria — The Federal Government has launched a major youth-focused credit initiative aimed at expanding financial inclusion and economic opportunity for young Nigerians, urging eligible youths to take advantage of loans of up to ₦5 million under the new YouthCred programme. Designed to support employment, business growth and productivity, the scheme seeks to provide a regulated, affordable alternative to unlicensed and high-interest lending platforms that have frequently ensnared young borrowers.
Introduced by the Nigerian Consumer Credit Corporation (CREDICORP) with support from the Federal Government, YouthCred targets employed Nigerian youths aged 18 to 39, offering access to structured credit facilities featuring low interest rates, collateral-free loans and flexible repayment terms. The initiative underscores the administration’s ongoing efforts to deepen financial inclusion and strengthen economic resilience for younger Nigerians navigating today’s challenging economic environment.
At the scheme’s official launch in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasised that YouthCred is part of a broader strategy to transform Nigeria’s credit landscape and empower young workers and entrepreneurs. He noted that the programme reflects government priorities in widening access to affordable credit as a catalyst for economic advancement and job creation.
Under the YouthCred arrangement, eligible applicants can access loans that range from small amounts for basic needs to up to ₦5 million for established businesses or professional ventures. The loans carry near-single-digit interest rates, usually capped at around two per cent per month, and include a six-month grace period before repayments begin — giving beneficiaries breathing room as they invest in productive activities.
Crucially, the programme is structured to provide an alternative to predatory “loan shark” services that often charge exorbitant interest and trap borrowers in cycles of debt. By contrast, YouthCred’s terms are designed to be transparent and sustainable, with automatic salary or allowance deductions integrated into the repayment process to promote responsible borrowing and reduce default risks.
Officials also highlighted the digital application process, which allows applicants to register and apply online through an official portal, submitting key identification and employment documentation as part of the verification process. The streamlined digital framework aims to make access to credit more efficient and inclusive, particularly for young Nigerians in urban and peri-urban centres.
In addition to supporting personal financial needs, the loans are expected to enable young workers to invest in mobility, digital tools, vocational equipment and other productivity-enhancing assets. By facilitating such investments, the Federal Government hopes to boost entrepreneurial activity, strengthen youth participation in the formal economy, and catalyse broader economic growth.
The YouthCred initiative builds on earlier phases of the programme that initially targeted specific cohorts, including members of the National Youth Service Corps (NYSC), but has since expanded to include a wider segment of the working youth population. Observers see this expansion as a sign of the government’s commitment to scaling empowerment programmes that have shown promising results in early disbursements.
Youth and economic development advocates have welcomed the launch, noting that access to affordable credit remains one of the most acute barriers for emerging entrepreneurs and young professionals in Nigeria. They argue that by enabling access to significant, structured financing at lower cost, the scheme could make a tangible difference in youth employment, business creation and sustainable livelihoods.
As the Federal Government continues to promote YouthCred, officials have called on eligible youths to apply without delay, ensuring they have valid means of identification, employment verification and access to the online application portal. They also cautioned applicants to avoid unlicensed lenders and to ensure that they submit their details only through the official programme platform to guard against fraud.
The YouthCred scheme represents a decisive step in Nigeria’s broader agenda to empower young citizens, enhance financial inclusion and leverage youth potential as drivers of national economic growth. With its combination of affordable credit, digital accessibility and structured repayment, the programme aims to unlock opportunities for thousands of youths across the country and support the emergence of a credit-savvy generation of entrepreneurs and professionals.
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