The Federal Government has officially unveiled YOUTHCRED for Entrepreneurs, a groundbreaking financing initiative designed to provide affordable loans ranging from ₦200,000 to ₦2 million to 500,000 young business owners across Nigeria.
Announced on Wednesday in Abuja, the programme aims to tackle one of the biggest obstacles facing Nigerian youth entrepreneurs—limited access to credit. The initiative is expected to give a major boost to micro, small, and medium-sized enterprises (MSMEs) by providing much-needed working capital and growth financing.
More Than Just Money: Unlocking Youth Potential
Speaking at the launch, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, emphasised that YOUTHCRED is more than a loan scheme—it’s a strategic intervention to unlock the entrepreneurial potential of Nigerian youths and drive inclusive economic growth.
“This initiative demonstrates the Federal Government’s commitment to building an economy where young people are supported not only with skills and ideas but also with the financial resources needed to transform those ideas into successful businesses,” Oyedele stated.
Why This Programme Matters
The Minister highlighted that over 90% of Nigeria’s MSMEs are micro-enterprises built around individuals—tailors, ride-hailing drivers, fashion designers, caterers, content creators, mechanics, and young farmers. Unfortunately, many of these hardworking entrepreneurs are locked out of formal financial services because traditional lenders demand incorporation documents, audited financial statements, and collateral that most startups simply don’t have.
YOUTHCRED changes that narrative.
Eligible Nigerians aged 18 to 35 can access financing based not on inherited wealth or collateral, but on:
- Responsible credit behaviour
- Cash flow
- Repayment capacity through regulated financial institutions
A Loan, Not a Grant
Oyedele urged beneficiaries to treat the facility as a loan rather than a grant, stressing that prompt repayment would ensure the programme’s sustainability and allow more young entrepreneurs to benefit in the long run.
CREDICORP’s Track Record
The Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, revealed impressive figures that speak volumes about the initiative’s potential. Over the last two years, the corporation has facilitated more than ₦47 billion in consumer credit to over 301,000 Nigerians, all while recording a remarkable zero per cent non-performing loans rate.
Nwagba explained that YOUTHCRED for Entrepreneurs is the third phase of the programme, following earlier interventions targeted at NYSC members and employed youths. The corporation plans to expand the initiative to 500,000 beneficiaries and eventually reach one million Nigerians before the end of the year.
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“Hardworking young Nigerians deserve structured credit, not charity. More than 90% of our MSMEs trade in the name of the individual who built them, so that is exactly how we designed this credit line. Every naira is tied to eligibility, repayment discipline and business growth because when builders win, Nigeria wins,” Nwagba said.
Broad Support Across Government
The initiative also received commendations from key government officials, including the Ministers of Budget and Economic Planning, Senator Abubakar Bagudu; Youth Development, Ayodele Olawande Wisdom; and Women Affairs, Imaan Sulaiman-Ibrahim. They all praised President Bola Tinubu’s administration for expanding financial inclusion and creating more economic opportunities for young Nigerians.
What This Means for Young Entrepreneurs
The YOUTHCRED for Entrepreneurs initiative is the latest phase of the Federal Government’s consumer credit expansion programme implemented through CREDICORP. For young entrepreneurs who have struggled to secure conventional bank loans due to collateral requirements and other lending hurdles, this programme could be the game-changer they’ve been waiting for.
If you’re a young Nigerian entrepreneur between 18 and 35 years old, this could be your opportunity to access the capital you need to grow your business. Stay tuned for application details and eligibility requirements.
How to Apply:
Click here: https://www.credicorp.ng/youthcred
