YOUTHCRED programme offers collateral-free loans ranging from ₦200,000 to ₦2 million to support youth-owned businesses across Nigeria.
The Federal Government has unveiled a new loan scheme that will provide eligible young entrepreneurs with between ₦200,000 and ₦2 million to start, sustain and expand their businesses as part of efforts to boost financial inclusion and stimulate economic growth.
The initiative, known as YOUTHCRED for Entrepreneurs, was launched on Wednesday in Abuja by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
Implemented by the Nigerian Consumer Credit Corporation (CREDICORP), the programme is expected to benefit more than 500,000 young entrepreneurs across the country.
Speaking at the launch, Oyedele said the scheme was designed to address the financing challenges faced by many young Nigerians who are unable to access conventional bank loans due to the absence of collateral, audited financial records or formal business registration.
He explained that Nigerians between the ages of 18 and 35 can access loans ranging from ₦200,000 to ₦2 million through regulated financial institutions, with eligibility determined by responsible credit behaviour, cash flow and repayment capacity rather than inherited wealth or collateral.
According to the minister, the initiative reflects the Federal Government’s commitment to building an inclusive economy by providing young entrepreneurs with the financial resources needed to transform innovative ideas into thriving businesses.
Oyedele noted that expanding access to affordable credit would promote innovation, create jobs and strengthen Nigeria’s micro, small and medium-sized enterprises (MSMEs), adding that more than 90 per cent of the country’s MSMEs are micro-enterprises operated by individuals.
He urged beneficiaries to treat the facility as a repayable loan rather than a government grant, stressing that prompt repayment would guarantee the sustainability of the programme and enable more young entrepreneurs to benefit.
The minister added that responsible use of the credit facility would promote financial discipline and strengthen confidence in Nigeria’s consumer credit ecosystem.
In separate goodwill messages, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, the Minister of Youth Development, Ayodele Olawande, and the Minister of Women Affairs, Imaan Sulaiman-Ibrahim, described the initiative as a major step towards empowering young Nigerians and supporting inclusive economic growth.
They commended the administration’s efforts to improve access to consumer credit and digital tools, noting that the programme aligns with the government’s broader agenda of promoting entrepreneurship, productivity and skills development.
Also speaking, the Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, disclosed that the corporation has facilitated more than ₦47 billion in consumer credit for over 301,000 Nigerians over the past two years while maintaining a zero per cent non-performing loan rate.
He explained that the entrepreneurs’ scheme represents the third phase of the YOUTHCRED programme, following earlier phases targeted at National Youth Service Corps members and employed youths.
Nwagba said CREDICORP aims to expand the programme to reach 500,000 beneficiaries in the current phase and one million Nigerians before the end of the year.
“Hardworking young Nigerians deserve structured credit, not charity,” he said, adding that the scheme is designed to support entrepreneurship while encouraging repayment discipline and sustainable business growth.