FG Opens Portal for Nigerian Youths to Borrow Up to N5 million
- The federal government has announced that Nigerian youths can access loans of up to N5 million under the new YouthCred scheme
- The programme targets over 400,000 young Nigerians, including NYSC corps members
- Loans are designed with flexible repayment terms to help youths meet their financial needs
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The federal government has launched YouthCred, a new credit scheme that allows Nigerian youths aged 18 to 39 to access loans of up to N5 million through the Nigerian Consumer Credit Corporation (CREDICORP).
Source: Getty Images
The programme is aimed at helping young Nigerians overcome financial challenges, boost productivity, and build a formal credit history, while reducing reliance on loan sharks and unregulated digital lenders.
Who can apply for CREDICORP loan?
Eligible applicants include employed youths in the public or private sector, young entrepreneurs, and National Youth Service Corps (NYSC) members.
Loan terms and benefits
Loan amounts range from N5,000 to N5 million, with flexible repayment plans of 1 to 12 months, depending on the borrower’s category. Interest rates are low and government-backed.
Corps members and employed youths may have repayments deducted from salaries, while entrepreneurs can structure repayments according to their business cash flows.
CREDICORP described YouthCred as a “credit revolution” designed to equip young Nigerians with financial knowledge, access to responsible credit, and opportunities to build strong credit histories.
The scheme offers tailored products for different groups of youths, including:
- Corper Credit: Short-term loans for NYSC members
- YouthCred Card: Flexible credit solution for young professionals
- Youth Entrepreneurs Credit: Support for young business owners to expand operations
Source: Getty Images
How to apply for loan
Applicants can visit the YouthCred website to complete a short online application, with verification completed in minutes. No collateral or guarantors are required, and funds are disbursed directly to applicants’ accounts once approved.
Repaying on time and completing financial training modules allows borrowers to increase their loan limits.
The scheme promises transparency, with no hidden fees, and clear interest and repayment terms from the start.
Frequently asked questions
Who is eligible?
If you are aged 18 to 39, earn a salary, or run a business, you are eligible. NYSC corps members also have exclusive loan options.
Eligible people
- Employed youths in the public or private sector
- Young entrepreneurs running businesses
- National Youth Service Corps (NYSC) members
Loan amount
- From N5,000 up to N5 million
Interest rate
- Low and affordable (government-backed)
Repayment method
- Flexible repayment plans ranging from 1 to 12 months
- Salary-based deductions for employed applicants
- Structured repayment for business owners and corps members
FG invites content creators to apply for tax training
In a related development, Legit.ng also reported that FG announced plans to train more content creators on the new tax law and has expanded the number of participants to 50.
The special tax training program will prepare participants on contents to appropriately educate the public.
Taiwo Oyedele, the chairman of the Presidential Committee on Fiscal Policy and Tax Reform, said the expansion follows overwhelming interest from content creators eager to contribute to accurate tax education.
Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
