Federal Government on Wednesday July 22 launched the YOUTHCRED for Entrepreneurs initiative, a nationwide credit programme aimed at providing affordable financing to young business owners and supporting 500,000 entrepreneurs across the country.
The scheme, unveiled at the Federal Ministry of Finance Auditorium in Abuja by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, is designed to expand access to credit for Nigerians aged between 18 and 35 and stimulate economic growth through entrepreneurship.
Implemented by the Nigerian Consumer Credit Corporation (CREDICORP), the programme will provide loans ranging from ₦200,000 to ₦2 million through regulated financial institutions.
Oyedele said the initiative seeks to address long-standing financing challenges faced by young entrepreneurs by prioritising cash flow, repayment capacity and responsible credit behaviour instead of collateral and inherited wealth.
According to him, over 90 per cent of Nigeria’s micro, small and medium enterprises are micro businesses built around individuals such as tailors, mechanics, caterers, ride-hailing drivers, fashion designers, content creators and young farmers.
He noted that many of these businesses remain excluded from formal lending systems because they lack incorporation documents, audited accounts and collateral typically required by conventional financial institutions.
The minister said YOUTHCRED demonstrates the government’s commitment to building a more inclusive economy by ensuring that young people have access not only to skills and ideas but also to the financial resources needed to establish and expand their businesses.
He added that increased access to credit would spur innovation, create jobs and strengthen Nigeria’s small business ecosystem.
Oyedele, however, warned beneficiaries against treating the facility as a grant, stressing that the loans must be repaid to ensure the sustainability of the programme.
“Prompt repayment is essential for the sustainability of the programme and will allow more young entrepreneurs to benefit from it,” he said.
Speaking at the event, 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 significant step toward promoting financial inclusion, boosting productivity and driving inclusive economic growth.
They also commended CREDICORP’s efforts in expanding access to consumer credit and digital financial tools, saying the programme aligns with the Tinubu administration’s agenda of technology-driven empowerment and economic transformation.
The Managing Director and Chief Executive Officer of CREDICORP, Mr. Uzoma Nwagba, disclosed that the corporation had facilitated more than ₦47 billion in consumer credit for over 301,000 Nigerians in the past two years, recording zero non-performing loans.
Nwagba said the entrepreneurs’ initiative represents the third phase of the YOUTHCRED programme, following earlier interventions targeted at National Youth Service Corps members and employed youths.
He added that CREDICORP plans to increase the number of beneficiaries from 500,000 to one million before the end of the year.
“Hardworking young Nigerians deserve structured credit, not charity,” Nwagba said, adding that the programme was designed to support individuals who drive Nigeria’s micro-enterprise sector and encourage business growth through responsible lending.
