FG Launches YOUTHCRED Initiative for Young Entrepreneurs

On Wednesday, the Federal Government launched the YOUTHCRED for Entrepreneurs initiative in Abuja, targeting 500,000 young entrepreneurs with loans ranging from N200,000 to N2 million. The initiative aims to address the financing gap faced by young business owners, enabling them to start, sustain, and scale their enterprises.

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, described the program as a strategic intervention to unlock the entrepreneurial potential of young Nigerians and promote economic growth through inclusive access to credit. The initiative is designed for eligible Nigerians aged 18 to 35, focusing on responsible credit behavior rather than traditional collateral requirements.

Uzoma Nwagba, Managing Director and CEO of CREDICORP, noted that the corporation has facilitated over N47 billion in consumer credit to 301,000 Nigerians in the last two years. YOUTHCRED for Entrepreneurs is the third phase of the program, with plans to expand to one million beneficiaries by year-end.