The federal government has unveiled the YouthCred for Employed Youth initiative under the Nigerian Consumer Credit Corporation (CREDICORP).

Speaking at the event in Abuja on Thursday, CREDICORP’s managing director, Uzoma Nwagba, said the initiative aimed to empower young Nigerians by giving them a solid footing in a credit-based economy.

Mr Nwagba noted that YouthCred had grown from a pilot into a national pathway for youth empowerment.

He said that in the past year, the agency released more than N30 billion to over 200,000 Nigerians, including youth corps members and others who needed financing for mobility or digital tools.

While revealing that CREDICORP had recorded zero non-performing loans to date, he said the target was to reach one million youth by 2026.

He emphasised that the expansion reflected both the scale of demand and the administration’s commitment to unlocking opportunity for millions of young Nigerians through the country’s most affordable structured credit.

Mr Nwagba assured that the Nigerian government was committed to ensuring that credit became a tool for empowerment rather than a burden.

He added that responsible lending practices and proper verification systems had been put in place to safeguard the process.

Mr Nwagba said the scheme required no collateral with interests as low as two per cent monthly and a six-month moratorium.

According to him, the programme seeks to offer a viable alternative to predatory lenders, also known as ‘loan sharks’, providing a more affordable and sustainable credit option for beneficiaries.

He said that gainfully employed Nigerian youth aged 18 to 39 could access up to N5 million in credit.

Also speaking, Finance Minister Wale Edun described the initiative as a practical expression of President Bola Tinubu’s vision for a modern, credit-enabled economy.

Mr Edun stressed that as government reforms strengthen the economy, Nigerians must also feel these gains in their daily lives through access to tools that make them more productive and financially secure.

He said the initiative aligned with Mr Tinubu’s broader economic reforms, which are targeted at improving livelihoods, stimulating consumer spending, and supporting small and growing enterprises.

“The ultimate aim of the government is to build, and we’re well on the way to that with the removal of market distortions and stabilising of the economy,” he added.

(NAN)