FG Offers N5 Million to Employed Nigerian Youths, Sets Age Limit as it Expands CreditCORP
- The Nigerian government has extended the YouthCred to employed Nigerian youths, with a N5 million credit scheme
- The scheme targets gainfully employed Nigerian youths, allowing them access to the federal government credit facility
- The new programme also comes with an age limit, limiting eligibility to 18 to 29 years
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Federal Government has unveiled a fresh phase of its consumer credit drive with the launch of YouthCred for Employed Youth, a scheme under the Nigerian Consumer Credit Corporation.
The programme targets young Nigerians who are gainfully employed, giving them access to as much as five million naira in credit.
Source: Getty Images
A vision for a modern, inclusive credit system
It also comes with a clear age requirement, limiting eligibility to citizens between 18 and 39 years.
The launch took place at the Ministry of Finance auditorium in Abuja, where the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the initiative as a practical step in President Bola Tinubu’s push for a credit-driven economy.
His remarks were contained in a statement released by CREDICORP Managing Director Uzoma Nwagba.
Edun explained that the government wants young workers to feel the impact of ongoing economic reforms through improved access to tools that support productivity and financial stability.
He noted that YouthCred aligns with the administration’s larger plan to open up opportunities, ease economic pressure and strengthen participation in a formal credit system.
According to him, widening access to affordable credit will raise national productivity and contribute to long-term economic growth.
He urged beneficiaries to embrace responsible borrowing, stressing that timely repayment is key to sustaining the system.
Growing into a nationwide empowerment platform
“The YouthCred is about dignity, financial independence and access to resources that help you live your dreams without unnecessary constraints,” he said.
He added that the programme reflects a shift away from privileged access enjoyed by a few, toward a more inclusive system where young people, women and other disadvantaged groups can thrive.
CREDICORP’s Managing Director, Uzoma Nwagba, highlighted how YouthCred has grown from a small pilot into a national vehicle for youth empowerment.
He revealed that the corporation had disbursed more than thirty billion naira in the past year to over two hundred thousand Nigerians, including corps members and workers who needed support for mobility or digital tools.
He also disclosed that the corporation has so far recorded zero non-performing loans.
With demand rising rapidly, the target is to reach one million beneficiaries by 2026.
Nwagba said the expansion shows the scale of interest among young Nigerians and the government’s commitment to helping them unlock opportunities through structured, affordable credit.
What YouthCred offers applicants
According to a report by Punch, the scheme requires no collateral and provides interest rates as low as two per cent monthly.
Beneficiaries also get a six-month moratorium before repayment begins. Nwagba said the design gives a genuine alternative to predatory loan apps, offering safer and more sustainable credit options.
Rolled out in mid-2025, YouthCred offers loan tiers ranging from five thousand naira for young workers to five million naira for small business owners.
Source: Getty Images
Features include near-single-digit interest rates, automatic repayment through NYSC allowances or salary deductions, flexible tenors of up to 24 months and a mandatory financial literacy module.
The entire process is completed online, giving young Nigerians easier access to formal credit and a pathway to build a reliable credit history.
CrediCorp introduces new scheme for Nigerians
Legit.ng earlier reported that the Nigerian Consumer Credit Corporation (CrediCorp) has introduced a nationwide digital device credit scheme aimed at making smartphones, laptops, and other essential tech tools more accessible to working Nigerians.
In an announcement on Tuesday, December 2, 2025, the organisation explained that the initiative is expected to enable more than 15,000 people to acquire the devices they need to stay productive in an increasingly digital world.
CrediCorp highlighted that its broader support for essential assets, including mobility solutions and renewable energy, has already improved livelihoods and boosted productivity across the country.
Don't miss out! Join Legit.ng's Sports News channel on WhatsApp now!
Source: Legit.ng
