The Federal Government has launched the YOUTHCRED for Entrepreneurs initiative, targeting 500,000 young entrepreneurs with loans ranging from ₦200,000 to ₦2 million to support business growth and improve access to finance.
Speaking at the launch in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the programme is designed to bridge the financing gap for young business owners by providing affordable credit based on creditworthiness, cash flow and repayment capacity rather than collateral.
The scheme is open to eligible Nigerians aged 18 to 35 and aims to empower entrepreneurs, strengthen micro, small and medium-sized enterprises (MSMEs), create jobs and drive inclusive economic growth.
Oyedele urged beneficiaries to repay the loans promptly to ensure the sustainability of the programme and enable more young entrepreneurs to benefit.
Managing Director of CREDICORP, Uzoma Nwagba, revealed that the corporation has already facilitated over ₦47 billion in consumer credit to more than 301,000 Nigerians and plans to expand the YOUTHCRED initiative to one million beneficiaries before the end of the year.
The initiative is part of the Federal Government’s consumer credit expansion programme under the Renewed Hope Agenda, aimed at promoting entrepreneurship, financial inclusion and economic development.
