The Federal Government has officially launched the YouthCred for Employed Youth initiative under the Nigerian Consumer Credit Corporation (CREDICORP), describing it as a bold step to empower young Nigerians and provide them with a solid footing in a credit-based economy.

Under the scheme, gainfully employed Nigerian youth aged 18 to 39 could access up to N5 million in credit.

Unveiling the programme at the Ministry of Finance Auditorium in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the initiative as a practical expression of President Bola Tinubu‘s vision for a modern, credit-enabled economy.

He stressed that as government reforms strengthen the economy, Nigerians must also feel these gains in their daily lives through access to tools that make them more productive and financially secure.

The minister said the initiative represents a major step towards expanding financial inclusion and easing economic pressures on young workers.

The keynote speaker further stated that the initiative aligns with President Tinubu’s broader economic reforms targeted at improving livelihoods, stimulating consumer spending, and supporting small and growing enterprises.

Edun emphasised that empowering young people with access to credit would ultimately boost national productivity and contribute to long-term economic growth, even as he encouraged beneficiaries to use the loan responsibly and ensure timely repayment.

Addressing the gathering, the minister said, “The YouthCred is about dignity for you, your financial independence, your access to resources to be able to live your dreams and not be constrained. You are not. Under President Bola Tinubu, it is no longer a question of a few people having privileged access. No, access to the opportunity is open to all, and, of course, it’s about inclusion.

“The ultimate aim of the government is to build, and we’re well on the way to that with the removal of market distortions and stabilising of the economy. The aim is to build a competitive economy that is growing rapidly, sustainably and inclusively, the young, the women and even those who are less advantaged”.

Earlier, CREDICORP’s Managing Director, Uzoma Nwagba, noted that YouthCred has grown from a pilot into a national pathway for youth empowerment.

Nwagba noted that in the past year, the agency has released more than N30 billion to over 200,000 Nigerians, including Youth Corps members and others who needed financing for mobility or digital tools.

While revealing that CREDICORP has recorded zero non-performing loans so far, he said the target is to reach 1million youth by 2026.

He emphasised that the expansion reflects both the scale of demand and the administration’s commitment to unlocking opportunity for millions of young Nigerians through the country’s most affordable structured credit.

He assured that the Nigerian Government is committed to ensuring that credit becomes a tool for empowerment rather than a burden, adding that responsible lending practices and proper verification systems have been put in place to safeguard the process.

The MD explained that the scheme requires no collateral with interests as low as two per cent monthly and a six-month moratorium.

He stressed that the programme seeks to offer a viable alternative to predatory lenders, also known as ‘loan sharks’, providing a more affordable and sustainable credit option for beneficiaries.