FG Launches N2m Loan Scheme for Young Entrepreneurs

The Federal Government of Nigeria has introduced a new financing initiative called YOUTHCRED for Entrepreneurs, aimed at providing affordable loans to 500,000 young entrepreneurs. The scheme allows eligible individuals aged 18 to 35 to access loans ranging from N200,000 to N2 million to establish or expand their businesses.

Launched in Abuja on Wednesday, the initiative is part of the government's efforts to improve credit access for young business owners often excluded from traditional lending. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated that the program is designed to unlock the entrepreneurial potential of young Nigerians by assessing applicants based on financial behavior and repayment ability rather than collateral.

Uzoma Nwagba, Managing Director and CEO of CREDICORP, noted that this initiative is the third phase of the government's youth credit program, which has previously targeted National Youth Service Corps members and employed young Nigerians.