The Federal Government has launched YouthCred for Entrepreneurs, marking a major milestone in President Bola Ahmed Tinubu’s vision to transition Nigeria toward an inclusive, credit-driven economy.
Speaking at the launch, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, highlighted that the initiative aims to expand access to finance, empower young business owners, and drive sustainable growth through responsible consumer credit.
Established under the mandate of the Nigerian Consumer Credit Corporation (CREDICORP), the broader vision seeks to grant consumer credit access to half of all working Nigerians by 2030.
The program emphasizes building a modern financial ecosystem where strong credit histories and responsible borrowing habits, rather than inherited wealth or traditional collateral, unlock long-term economic mobility.
YouthCred stands as the nation’s largest targeted credit scheme for youth. Its rollout follows two successful initial phases: Phase One provided financial literacy education to over 51,000 National Youth Service Corps (NYSC) members, with more than 30,000 transitioning to active credit access, while Phase Two has already reached over 81,000 employed young Nigerians.
The newly introduced Phase Three shifts focus directly to enterprise development, targeting 500,000 young entrepreneurs across the country. The initiative directly addresses the structure of the Nigerian economy, where over 90% of Micro, Small, and Medium Enterprises (MSMEs) operate as micro-enterprises. It caters to self-employed individuals and small trade operators, including tailors, mechanics, farmers, content creators, caterers, artisans, fashion designers, and ride-hailing drivers.
Under the program, eligible Nigerians aged 18 to 35 years can access funding ranging between ₦200,000 and ₦2 million. Credit decisions will be evaluated through cash flow, repayment capacity, and credit behavior, with funds disbursed through regulated financial institutions. Beneficiaries will also receive structured support to help formalize and scale their businesses into sustainable enterprises.
This credit expansion complements ongoing fiscal reforms designed to lighten the load on small businesses. Notably, it aligns with measures such as the exemption of small companies from Company Income Tax, alongside the removal of VAT compliance burdens and withholding tax liabilities for small enterprises implemented earlier this year.
