The Federal Government has launched the YouthCred for Employed Youth initiative under the Nigerian Consumer Credit Corporation (CREDICORP), aimed at expanding access to affordable credit for young Nigerians.
Speaking at the unveiling in Abuja on Thursday, the Managing Director of CREDICORP, Uzoma Nwagba, said the initiative was designed to give young people a strong footing in a credit-driven economy. He noted that YouthCred had evolved from a pilot programme into a national empowerment pathway.
Nwagba revealed that in the past year, CREDICORP disbursed over N30 billion to more than 200,000 Nigerians, including members of the National Youth Service Corps (NYSC) and others requiring financing for mobility and digital tools. He added that the corporation had so far recorded zero non-performing loans, with a target of reaching one million youth by 2026.
He said the expansion underscored strong demand and the administration’s commitment to providing young Nigerians with affordable, structured credit options.
According to him, the loans require no collateral, come with interest rates as low as 2% monthly, and include a six-month moratorium, offering a safe alternative to predatory lenders popularly known as loan sharks. Under the scheme, employed Nigerians aged 18 to 39 can access up to N5 million in credit.
Nwagba assured that responsible lending practices and verification systems were in place to ensure the process remained empowering rather than burdensome.
Also speaking, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described YouthCred as a practical expression of President Bola Tinubu’s vision for a modern, inclusive, credit-enabled economy.
He said the initiative aligned with the government’s wider economic reforms aimed at improving livelihoods, boosting consumer spending, and supporting small and growing businesses.
“The YouthCred is about dignity — your financial independence, your access to resources to live your dreams and not be constrained,” Edun said.
He added that the government was committed to widening access to opportunity for all Nigerians, noting that ongoing reforms were stabilising the economy and removing long-standing market distortions.