The Federal Government has expanded the YouthCredprogramme of the Nigerian Consumer Credit Corporation (CREDICORP) to include gainfully employed young Nigerians, a move aimed at improving access to affordable credit for workers aged between 18 and 39.
The expansion was announced on Thursday in Abuja, with officials saying the initiative is designed to help employed youths build credit profiles and ease financial pressure through structured consumer lending.
Speaking at the launch, the Managing Director of CREDICORP, Uzoma Nwagba, said the decision was driven by rising demand and the government’s resolve to use credit as a tool for empowerment rather than a burden. He explained that the programme provides low-interest, non-collateral loans to employed young Nigerians, enabling them to participate more effectively in a credit-based economy.
Mr. Nwagba said the YouthCred programme has evolved from a pilot scheme into a national pathway for youth empowerment. He disclosed that over the past year, CREDICORP had disbursed more than ₦30 billion to over 200,000 Nigerians, including National Youth Service Corps members and others who required financing for mobility and digital tools.
He added that the scheme has so far recorded zero non-performing loans and noted that the target is to reach one million young Nigerians by 2026. According to him, the expansion reflects both the scale of demand and the administration’s commitment to unlocking opportunities for millions of young workers through affordable and structured credit.
The CREDICORP managing director assured that the Federal Government remains committed to responsible lending practices, adding that robust verification systems have been put in place to protect beneficiaries and ensure the long-term sustainability of the programme.
Mr. Nwagba further said the YouthCred scheme requires no collateral, offers interest rates as low as two per cent monthly, and includes a six-month moratorium. He explained that the initiative is intended to provide a viable alternative to predatory lenders, commonly referred to as loan sharks, by offering more affordable and sustainable credit options to employed youths.
Under the expanded scheme, gainfully employed Nigerian youths aged between 18 and 39 are eligible to access up to ₦5 million in credit.
Also speaking at the event, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, described the initiative as a practical expression of President Bola Tinubu’s vision for a modern, credit-enabled economy.
Mr. Edun said that as government reforms strengthen the economy, Nigerians must feel the impact in their daily lives through access to financial tools that enhance productivity and financial security. He added that the YouthCred initiative represents a significant step towards expanding financial inclusion and easing economic pressure on young workers.
According to the minister, the programme aligns with President Tinubu’s broader economic reforms aimed at improving livelihoods, stimulating consumer spending, and supporting small and growing enterprises.
“The YouthCred is about dignity, financial independence, and access to resources to be able to live your dreams and not be constrained,” Mr. Edun said. “Under President Bola Tinubu, access to opportunity is for all, and it is about inclusion.”
He added that the government’s ultimate goal is to build a stable and inclusive economy, noting that progress is being made through the removal of market distortions and the stabilisation of the economy.
