The Federal Government has rolled out a new initiative, YouthCred, designed to provide National Youth Service Corps (NYSC) members with single-digit interest loans to support their business ventures.
The scheme, launched on Thursday at the Lagos NYSC orientation camp by Ayodele Olawande, Minister of Youth Development, is part of a collaboration between the Nigerian Consumer Credit Corporation (CREDICORP) and the NYSC.
Under the programme, corps members can access loans of up to ₦200,000 to kick-start entrepreneurial projects.
Olawande described Nigerian youths as some of the most talented and industrious in the world, stressing that the government is determined to remove financial barriers that often limit their ambitions.
“We don’t want you to abandon your dream because of the lack of funds. YouthCred is here to give you the push needed to start your business,” he said, urging corps members to embrace patience and persistence as the country rebuilds its economy.
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Also speaking at the event, CREDICORP’s managing director, Uzoma Nwagba, said the initiative would promote responsible access to credit, enabling young people to invest in essential tools such as laptops and smartphones for online work.
“Responsible credit is one of the most powerful tools that can advance your life,” Nwagba explained. “With YouthCred, we are making credit cheaper and more accessible than what you would get at regular financial institutions.”
He noted that while many still view borrowing with skepticism, when managed wisely, credit can be a valuable driver of financial growth and independence.
The YouthCred initiative is expected to widen financial inclusion for corps members and encourage a culture of entrepreneurship among Nigerian youths.