The Federal Government has announced that the newly launched YOUTHCRED for Entrepreneurs initiative is set to empower more than 500,000 young entrepreneurs countrywide.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this in Abuja on Wednesday at the launch of the YOUTHCRED for Entrepreneurs programme, aimed at unlocking the entrepreneurial potential of young Nigerians and accelerating economic growth through access to affordable credit.
Oyedele said the initiative, which is implemented by the Nigerian Consumer Credit Corporation (CREDICORP), is designed to bridge the financing gap confronting many young business owners by providing them with the resources needed to start, sustain and scale their enterprises.
According to him, the programme reflects the Federal Government’s commitment to building a more inclusive economy where young people are equipped not only with skills and ideas but also with the financial support required to transform those ideas into thriving businesses.
Giving his keynote address, the Minister noted that empowering young entrepreneurs remains central to the administration’s economic agenda, stressing that expanding access to credit would stimulate innovation, create jobs and strengthen Nigeria’s small business ecosystem.
He expressed confidence that YOUTHCRED would significantly contribute to wealth creation and position thousands of young Nigerians to become active drivers of national development.
“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.
He urged eligible Nigerians to treat the facility as a loan that must be repaid, rather than viewing it as an entitlement or their share of the national cake. He stressed that prompt repayment would ensure the sustainability of the programme and enable more young entrepreneurs to benefit from it.
According to him, responsible use of the credit facility would not only help beneficiaries grow their businesses but also strengthen the culture of financial discipline and trust that is critical to expanding access to consumer credit across the country.
In their respective goodwill messages, the Ministers of Budget and Economic Planning, Sen. Abubakar Bagudu, Youth Development, Ayodele Olawande Wisdom, and Women Affairs, Imaan Sulaiman-Ibrahim, commended President Bola Tinubu’s efforts to deepen financial inclusion and expand access to digital tools for Nigerians, describing the initiative as a critical step towards empowering youths, boosting productivity, and driving inclusive economic growth across the country.
They applauded CREDICORP for its innovative approach to expanding access to consumer credit and digital tools, noting that the initiative aligns with the Federal Government’s commitment to empowering Nigerians through technology, financial inclusion and skills development.
They expressed confidence that the programme would create more opportunities for young people and contribute significantly to the country’s economic growth and digital transformation.
Earlier, the Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, said the agency has in the last two years enabled over N47 billion in consumer credit to over 301,000 Nigerians, while maintaining zero per cent non-performing loans.
He noted that the initiative marks the third phase of the programme’s rollout targeted at young Nigerians, following the successful implementation of earlier phases for National Youth Service Corps (NYSC) members and employed youths.
He expressed optimism about expanding the programme’s reach, stating that CREDICORP aims to increase the number of beneficiaries to 500,000 and eventually one million Nigerians before the end of the year.
“Hardworking young Nigerians deserve structured credit, not charity,” said Uzoma Nwagba, Managing Director/CEO of CREDICORP. “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.”
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