By Paul Joseph
The Federal Government has launched the YOUTHCRED for Entrepreneurs programme, a new initiative aimed at providing affordable business loans of between ₦200,000 and ₦2 million to about 500,000 young entrepreneurs nationwide.
The scheme, unveiled in Abuja on Wednesday, is designed to improve access to finance for young business owners seeking to start, expand or sustain their enterprises without the traditional collateral requirements imposed by commercial banks.
Speaking at the launch, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the initiative is intended to unlock the entrepreneurial potential of Nigerian youths by making credit more accessible.
Oyedele noted that over 90 per cent of Nigeria’s micro, small and medium-sized enterprises (MSMEs) are owned by entrepreneurs such as tailors, mechanics, caterers, ride-hailing drivers, fashion designers, content creators and young farmers, many of whom face challenges accessing conventional bank financing.
He explained that Nigerians aged 18 to 35 years who meet the eligibility requirements can obtain loans ranging from ₦200,000 to ₦2 million, with approvals based on responsible credit history, business cash flow and repayment capacity rather than inherited wealth or physical collateral.
The minister urged beneficiaries to repay the loans promptly, stressing that the sustainability of the programme depends on responsible borrowing and repayment, allowing more young entrepreneurs to benefit in the future.
Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), Uzoma Nwagba, revealed that the agency has facilitated over ₦47 billion in consumer credit to more than 301,000 Nigerians in the past two years.
He added that the YOUTHCRED for Entrepreneurs initiative represents the third phase of the Federal Government’s consumer credit programme, following earlier interventions targeted at National Youth Service Corps (NYSC) members and employed young Nigerians.
According to the government, the programme is expected to expand to one million beneficiaries before the end of the year as part of broader efforts to promote entrepreneurship, stimulate job creation and drive economic growth.
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