The Federal Government has expanded the YouthCred for Employed Youth initiative under the Nigerian Consumer Credit Corporation (CREDICORP), describing it as a significant step toward empowering young Nigerians and boosting participation in a credit-driven economy.
Under the enhanced scheme, employed Nigerians aged 18 to 39 can now access loans of up to *₦5 million*.
The initiative was unveiled at the Ministry of Finance auditorium in Abuja by the Minister of Finance and Coordinating Minister of the Economy, *Wale Edun*, who said the programme reflects President Bola Tinubu’s commitment to building a modern, inclusive, and credit-enabled economy.
The announcement was contained in a statement issued on Friday by CREDICORP Managing Director, *Uzoma Nwagba*.
Edun said the government’s economic reforms were beginning to yield tangible benefits, noting that broader access to credit would help young Nigerians improve productivity, financial independence, and overall economic stability.
He said, “This initiative represents a major step toward expanding financial inclusion and easing economic pressures on young workers. It aligns fully with President Tinubu’s broader reforms aimed at improving livelihoods, stimulating consumer spending, and supporting small and growing enterprises.”
The minister urged beneficiaries to use the credit responsibly and ensure timely repayment, emphasising that the YouthCred programme is designed to promote financial dignity and equal access to economic opportunities.
According to him, the administration aims to build an economy that grows “rapidly, sustainably and inclusively,” with a focus on women, youths, and other disadvantaged groups.
### Over 200,000 beneficiaries and about ₦30bn disbursed
CREDICORP MD Uzoma Nwagba disclosed that YouthCred has grown from a pilot programme into a national platform for youth empowerment.
He said the corporation had disbursed *over ₦30 billion* to more than *200,000 Nigerians* in the past year, including youth corps members and workers seeking credit for mobility and digital tools.
He added that the scheme had recorded *zero non-performing loans, noting that the government aims to reach **one million youths by 2026*.
Nwagba said the expansion reflects the strong demand for structured credit and the administration’s commitment to unlocking economic opportunities through accessible financing.
### No collateral, flexible repayment and protection from predatory lenders
According to the MD, the YouthCred loan requires *no collateral, offers interest rates as low as **2% monthly, and provides a **six-month moratorium* before repayment begins.
He stressed that the programme was designed as a safer alternative to loan sharks and unregulated digital lenders, providing young Nigerians with sustainable and affordable credit options.
The fully digital platform allows applicants to access loans ranging from *₦5,000 to ₦5 million*, with repayment through automatic salary deductions or NYSC allowance deductions. The scheme also includes financial literacy modules and a credit-building system.
The YouthCred initiative, launched in mid-2025, aims to provide collateral-free loans to 400,000 young Nigerians, with flexible repayment tenors of up to 24 months.
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