The Federal Government has expanded the YouthCred initiative under the Nigerian Credit Corporation (CREDICORP) allowing Employed Nigerians aged 18-39 to access loans of up to N5 Million.
The initiative was unveiled at the Ministry of Finance auditorium in Abuja, where the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the initiative as a key step towards empowering young Nigerians and deepening the country’s credit-based economy.
In a statement issued on Friday by CREDICORP Managing Director, Uzoma Nwagba, quoted Edun as saying the reforms aligns with President Bola Tinubu’s vision of a morden inclusive and credit enabled economy.
He noted that the initiative is designed to boost productivity, enhance financial stability and ease economic pressure on young workers.
Edun further noted that access to affordable credit would support national productivity and long-term growth, urging beneficiaries to use the funds responsibly and ensure prompt repayment.
He added that the government is committed to creating a competitive economy that grows “rapidly, sustainably and inclusively,” benefiting youths, women and other disadvantage groups.
Earlier, CREDICORP Managing Director, Uzoma Nwagba, noted that YouthCred has grown from a pilot into a national empowerment platform.
He revealed that over N30 billion has been disbursed in the past year to over 200,000 Nigerians, including youth corps members and young workers needing financing for mobility or digital tools.
Nwagba also disclosed that the scheme has recorded zero non-performing loans so far with a target reaching one million youths by 2026.He said the expansion reflects rising demand and the administration’s commitment to unlocking opportunities through affordable, structured credit.
Nwagba assured applicants that responsible lending standards and verification system are in place to ensure loans remain a tool for empowerment, and not a burden.The MD also noted that the scheme requires no collateral, offers interest rates as low as 2 per cent monthly, and provides a six-month moratorium.
He added that it serves as a safer alternative to predatory loan platforms, offering flexible tenors of up to 24 month and a credit- building framework.
