The Federal Government has launched the YOUTHCRED for Entrepreneurs scheme, a credit initiative offering loans between N200,000 and N2 million to help young Nigerians start, sustain, and scale their businesses.

Unveiled in Abuja by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, the programme is being implemented by the Nigerian Consumer Credit Corporation (CREDICORP) and targets over 500,000 young entrepreneurs nationwide.

The initiative addresses financing barriers by waiving collateral, audited financial records, or formal registration requirements for applicants aged 18 to 35. Instead, approval relies on cash flow, credit behavior, and repayment capacity.

Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, noted that this launch represents the third phase of the YOUTHCRED project, following previous rounds for corps members and employed youths. The initiative aims to expand its total reach to one million beneficiaries by the end of the year, emphasizing that structured credit, rather than grants, will foster long-term financial discipline across the micro, small, and medium enterprise (MSME) sector.