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ABUJA – The Federal Government has launched the YOUTHCRED for Entrepreneurs initiative, a nationwide programme aimed at providing affordable credit to young business owners, with a target of empowering 500,000 entrepreneurs across Nigeria.
The programme was unveiled in Abuja on Wednesday by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, who described it as a strategic intervention designed to unlock the entrepreneurial potential of Nigerians aged 18 to 35 and accelerate economic growth through improved access to finance.
Implemented by the Nigerian Consumer Credit Corporation (CREDICORP), the initiative is expected to address the financing challenges faced by many young entrepreneurs by offering loans ranging from ₦200,000 to ₦2 million through regulated financial institutions.
Oyedele said the scheme would rely on applicants’ cash flow, repayment capacity and responsible credit behaviour, rather than collateral or inherited wealth, making it more accessible to early-stage entrepreneurs who are often excluded from traditional lending systems.
According to him, more than 90 per cent of Nigeria’s micro, small and medium enterprises (MSMEs) are micro businesses built around individuals such as tailors, ride-hailing drivers, fashion designers, caterers, mechanics, content creators and young farmers.
He noted that many of these entrepreneurs remain outside the formal credit market because they lack incorporation documents, audited accounts and collateral required by conventional lenders.
Through YOUTHCRED, eligible Nigerians can access financing based on responsible credit behaviour, cash flow and repayment capacity, not on inherited wealth or collateral.
The minister said the initiative reflects the Federal Government’s commitment to building a more inclusive economy where young people are supported not only with skills and ideas but also with the financial resources needed to start, sustain and expand their businesses.
He added that expanding access to credit would stimulate innovation, create jobs and strengthen Nigeria’s small business ecosystem, positioning thousands of young Nigerians as active contributors to national development.
Oyedele, however, cautioned beneficiaries against viewing the facility as a grant or entitlement, stressing that it is a loan that must be repaid.
“Prompt repayment is essential for the sustainability of the programme and will allow more young entrepreneurs to benefit from it,” he said, adding that responsible use of the facility would help build a culture of financial discipline and trust that is critical for expanding consumer credit in Nigeria.
In separate goodwill messages, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu; the Minister of Youth Development, Ayodele Olawande Wisdom; and the Minister of Women Affairs, Imaan Sulaiman-Ibrahim, commended President Bola Tinubu’s administration for promoting financial inclusion and expanding access to digital tools.
They described YOUTHCRED as a major step towards empowering young Nigerians, boosting productivity and driving inclusive economic growth.
The ministers also praised CREDICORP for its innovative approach to consumer credit and digital access, noting that the initiative aligns with the government’s broader agenda of technology-driven empowerment, skills development and economic transformation.
Earlier, the Managing Director and Chief Executive Officer of CREDICORP, Mr. Uzoma Nwagba, disclosed that the corporation had, in the last two years, facilitated over ₦47 billion in consumer credit for more than 301,000 Nigerians, while recording zero per cent non-performing loans.
Nwagba explained that the entrepreneurs’ scheme represents the third phase of the YOUTHCRED rollout, following earlier phases targeted at National Youth Service Corps (NYSC) members and employed youths.
He said the corporation plans to scale up the programme from 500,000 beneficiaries to one million Nigerians before the end of the year.
“Hardworking young Nigerians deserve structured credit, not charity,” Nwagba said.
“More than 90 per cent of our MSMEs trade in the name of the person who built them, so that is exactly how we designed this credit line — for the individual, not just the business entity. Every naira is tied to eligibility, repayment discipline and business growth, because when builders win, Nigeria wins.”
