FG Targets 500,000 Young Entrepreneurs with ₦2m YOUTHCRED Loan Scheme

The Federal Government has launched the YOUTHCRED for Entrepreneurs initiative, a new credit programme aimed at providing affordable loans of between ₦200,000 and ₦2 million to 500,000 young entrepreneurs across Nigeria.

The scheme, unveiled in Abuja by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, is designed to address the financing challenges facing young business owners and enable them to start, sustain and expand their enterprises.

Speaking at the launch, Oyedele said the initiative reflects the Federal Government’s commitment to promoting entrepreneurship, creating jobs and driving inclusive economic growth by expanding access to finance for young Nigerians.

He noted that over 90 per cent of Nigeria’s micro, small and medium enterprises (MSMEs) are micro businesses operated by individuals such as tailors, mechanics, farmers, caterers, ride-hailing drivers, fashion designers and content creators, many of whom struggle to access conventional bank loans due to collateral and other lending requirements.

According to him, eligible Nigerians aged 18 to 35 years can obtain loans ranging from ₦200,000 to ₦2 million based on their credit behaviour, cash flow and repayment capacity rather than collateral or inherited wealth. The loans will be disbursed through regulated financial institutions.

Oyedele urged beneficiaries to treat the facility as a repayable loan and not a grant, stressing that prompt repayment would ensure the programme’s sustainability and enable more young entrepreneurs to benefit.

Also speaking, the Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, disclosed that the corporation has facilitated more than ₦47 billion in consumer credit to over 301,000 Nigerians within the past two years while maintaining a zero per cent non-performing loan record.

He explained that YOUTHCRED for Entrepreneurs is the third phase of the Federal Government’s consumer credit expansion programme, following earlier phases targeted at National Youth Service Corps members and employed youths.

Nwagba said the corporation plans to expand the initiative to 500,000 beneficiaries, with a long-term target of reaching one million Nigerians before the end of the year.

He described the programme as a structured credit intervention designed to support hardworking young Nigerians, saying access to finance should be based on business potential and repayment discipline rather than collateral.

Ministers of Budget and Economic Planning, Senator Abubakar Bagudu, Youth Development, Ayodele Olawande, and Women Affairs, Imaan Sulaiman-Ibrahim, commended the initiative, describing it as a significant step toward deepening financial inclusion, empowering young entrepreneurs and stimulating economic growth under the Renewed Hope Agenda.