FG Launches N9bn Youth Credit Initiative to Empower Nigerian Youths Through Affordable Loans

‘YouthCred’ scheme offers NYSC members up to N200,000 single-digit loan under CREDICORP, kicks off nationwide rollout

Abuja, Nigeria | August 7, 2025 – Naija247news.com — In a landmark move aimed at youth empowerment, the Federal Government has officially launched the Youth Credit Scheme under the Nigerian Consumer Credit Corporation (CREDICORP). The initiative, unveiled on Thursday in Abuja, offers Nigerian youths—beginning with National Youth Service Corps (NYSC) members—access to single-digit interest loans of up to N200,000.

The scheme will initially roll out with a ₦9 billion take-off fund for its first phase and will be available across the country’s 774 local government areas and over 8,000 electoral wards.

Youth Empowerment Through Credit Access

At the official launch held at the NYSC Orientation Camp in Kubwa, the Minister of Youth Development, Ayodele Olawande, said the programme is designed to give young Nigerians a solid footing in a credit-based economy and redefine how youth development is approached in the country.

“This is no longer about cosmetic policies. We are talking about structural empowerment. For the first time, you have a president that is not just ruling but leading,” Olawande said, applauding President Bola Ahmed Tinubu’s support.

He described YouthCred as not just a loan program but a signal of trust in Nigerian youth, helping to build a new credit culture that aligns with global economic systems.

“In America, a young person can pose with a car and look rich—not because they are millionaires, but because they have access to credit,” he explained, drawing parallels with credit-based prosperity in developed nations.

Eligibility and Purpose

The loan program will start with serving corps members, who can register and receive training before accessing the funds. According to CREDICORP Managing Director/CEO, Engr. Uzoma Nwagba, the loan can be used for:

• Relocation costs

• Work equipment or tools

• Skills development

• Launching micro-businesses

He emphasized that the scheme is a safe and sustainable alternative to loan sharks, providing flexible repayment options.

“We’re offering a better path—a fairer and safer option. But for it to work, beneficiaries must repay so others can also benefit,” Nwagba said.

More Than Loans: A Broader Vision

Minister Olawande also unveiled two slogans to complement the scheme:

• “One Youth, Two Skills” – urging corps members to develop multiple marketable skills during their service year.

• “One Local Government, One Product” – a vision to develop youth-driven enterprise ecosystems across Nigeria.

He shared personal experiences to inspire attendees:

“I paid my school fees myself, worked in a brickyard and even in a cemetery. I understand the struggle. That’s why we’re building a system that works for people like you,” he told corps members.

Olawande acknowledged the skepticism many young people have toward government schemes, attributing it to years of disconnection, but said this new effort is “Youth for Youth” — a government that not only speaks but listens and invests in its young population.

Future Rollout Plans

While the pilot phase targets NYSC members, the programme will gradually expand to all Nigerian youths, especially those in the informal economy and outside the traditional banking sector.

“We believe in your ability to build businesses, create jobs, and transform communities,” Olawande affirmed. “This is not just a renewal agenda in name—it’s real.”

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Reporting by Naija247news in Lagos, Nigeria.