FG Unveils YouthCred Scheme, Offers Up to ₦5m Credit for Young Workers

The Federal Government has introduced the YouthCred for Employed Youth programme, giving Nigerians aged 18 to 39 access to loans of up to ₦5 million through the Nigerian Consumer Credit Corporation.

At the launch in Abuja, the Minister of Finance, Wale Edun, said the initiative brings President Bola Tinubu’s vision of a credit-driven economy closer to reality. He noted that the scheme is meant to help young workers improve their productivity and financial stability.

CREDICORP Managing Director, Uzoma Nwagba, said more than ₦30 billion has already been disbursed to over 200,000 young Nigerians, with a target of reaching one million beneficiaries by 2026.

YouthCred offers collateral-free loans, interest rates from 2 per cent monthly and a six-month moratorium. Applicants can complete the process online, with repayments made automatically through salaries or allowances.