The Federal Government has rolled out the Youth Credit Initiative popularly called YouthCred, to provide single-digit interest loans to young entrepreneurs, with a focus on National Youth Service Corps (NYSC) members.

Minister of Youth Development, Ayodele Olawande, launched the programme at the NYSC orientation camp in Abuja, describing it as a practical step to help young Nigerians start or expand their businesses. He said the initiative, run under the Nigerian Consumer Credit Corporation (CREDICORP), would later be extended to the informal sector and underserved communities.

According to Olawande, YouthCred reflects President Bola Tinubu’s belief in the potential of Nigerian youths to drive economic growth through small and medium-scale enterprises. “This is an opportunity for young people, especially those with innovative ideas, to grow their ventures. Prompt repayment will ensure more youths benefit,” he noted.

NYSC Director-General, Brigadier General Olakunle Nafiu, commended the move, saying it would have a lasting impact on corps members and the scheme. He pledged full NYSC support for CREDICORP, including incorporating credit education into corps members’ training.

CREDICORP, an initiative of President Tinubu, aims to break barriers to consumer credit and enable half of Nigeria’s working population to access responsible loans by 2030.

For more details, visit credicorp.ng