FG Launches YOUTHCRED for Entrepreneurs, Targets 500,000 Youths with ₦200,000–₦2m Loans

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

The initiative was unveiled on Wednesday in Abuja. It is designed to bridge the financing gap facing young business owners by expanding access to credit and supporting the growth of micro, small and medium-sized enterprises, MSMEs.

Speaking at the launch, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the programme as a strategic intervention to unlock the entrepreneurial potential of Nigerian youths and drive inclusive economic growth.

According to him, the initiative demonstrates the Federal Government’s commitment to supporting young people not only with skills and ideas, but also with the financial resources needed to build successful businesses.

Explaining the focus, Edun said more than 90 per cent of Nigeria’s MSMEs are micro-enterprises run by individuals such as tailors, ride-hailing drivers, fashion designers, caterers, content creators, mechanics and young farmers.

He noted that many of them remain excluded from formal financial services because conventional lenders often demand incorporation documents, audited financial statements and collateral that start-ups cannot provide.

“Through YOUTHCRED for Entrepreneurs, eligible Nigerians aged 18 to 35 can access financing from ₦200,000 to ₦2 million, based not on inherited wealth or collateral, but on responsible credit behaviour, cash flow and repayment capacity through regulated financial institutions,” he said.

The minister urged beneficiaries to treat the facility as a loan rather than a grant, stressing that prompt repayment would ensure the sustainability of the programme and allow more young entrepreneurs to benefit.

Earlier, the Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, disclosed that the corporation had facilitated more than ₦47 billion in consumer credit to over 301,000 Nigerians in the last two years, with zero per cent non-performing loans.

He explained that YOUTHCRED for Entrepreneurs is the third phase of the programme, following earlier interventions targeted at NYSC members and employed youths.

According to him, CREDICORP plans to expand the initiative to 500,000 beneficiaries and eventually reach one million Nigerians before the end of the year.

“Hardworking young Nigerians deserve structured credit, not charity. More than 90 per cent of our MSMEs trade in the name of the individual who built them, so that is exactly how we designed this credit line. Every naira is tied to eligibility, repayment discipline and business growth because when builders win, Nigeria wins,” Nwagba said.

Also speaking, the Ministers of Budget and Economic Planning, Senator Abubakar Bagudu; Youth Development, Ayodele Olawande; and Women Affairs, Imaan Sulaiman-Ibrahim, commended President Bola Tinubu’s administration for expanding financial inclusion and creating more economic opportunities for young Nigerians.

The YOUTHCRED for Entrepreneurs initiative is the latest phase of the Federal Government’s consumer credit expansion programme implemented through CREDICORP.

It is expected to improve access to affordable financing for young entrepreneurs who often struggle to secure conventional bank loans due to collateral and other lending requirements.