The Federal Government has launched the YOUTHCRED for Entrepreneurs initiative, a credit programme designed to empower over 500,000 young entrepreneurs across Nigeria with affordable financing to start, sustain and expand their businesses.
Speaking at the launch in Abuja on Wednesday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the initiative, implemented by the Nigerian Consumer Credit Corporation (CREDICORP), is aimed at closing the financing gap facing young business owners and promoting inclusive economic growth.
He said the programme would provide eligible Nigerians aged 18 to 35 with loans ranging from N200,000 to N2 million based on responsible credit behaviour, cash flow and repayment capacity rather than collateral.
‘You may want to ask why the focus on entrepreneurs? That’s because more than 90 per cent of Nigeria’s MSMEs are micro enterprises built around individuals, from the tailor to the ride-hailing driver, the fashion designer, the caterer, content creator, the mechanic, and the young farmer, many remain excluded from former finance because traditional lending demands incorporation more often than not, audited accounts, and collateral that early stage entrepreneurs simply do not have and cannot provide.
‘Through youth credit for entrepreneurs, eligible Nigerians aged 18 to 35 can access financing from N200,000 to N2 million, based not on inherited wealth or collateral, but simply on responsible credit behavior, cash flow, and repayment capacity delivered through regulated financial institutions’, he said.
Oyedele urged beneficiaries to repay the loans promptly to ensure the programme’s sustainability.
In separate goodwill messages, Ministers of Budget and Economic Planning, Youth Development, and Women Affairs described the initiative as a major step toward youth empowerment, financial inclusion and economic growth.
CREDICORP Managing Director, Uzoma Nwagba, said the agency has disbursed over N47 billion in consumer credit to more than 301,000 Nigerians with zero per cent non-performing loans.
‘Hardworking young Nigerians deserve structured credit, not charity,’ said Nwagba, adding, ‘More than 90 per cent of our MSMEs trade in the name of the person who built them so that is exactly how we built this credit line: for the individual, not just the entity. Every naira is tied to eligibility, repayment discipline and business growth, because when builders win, Nigeria wins.’