FG Launches Credit Scheme to Finance 500,000 Young Entrepreneurs

The federal government (FG) has launched the Youth Credit for Entrepreneurs Programme, a new financing initiative designed to improve access to affordable credit for up to 500,000 young business owners and support enterprise-driven economic growth.

Under the programme, eligible Nigerians between the ages of 18 and 35 will be able to access financing ranging from N200,000 to N2 million through participating regulated financial institutions.

Speaking at the launch in Abuja, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the programme is intended to bridge the gap between the government’s ongoing macroeconomic reforms and the everyday realities of young entrepreneurs by addressing one of the biggest constraints facing small businesses access to affordable finance.

According to the minister, while Nigeria is rich in entrepreneurial talent, many young people remain unable to expand their businesses because they lack access to capital rather than ambition.

He said the initiative is part of the federal government’s commitment to promoting financial inclusion, responsible borrowing and enterprise development as key drivers of shared prosperity.

“The real test of reform is whether ordinary Nigerians can access more opportunities, whether businesses can grow, and whether decent jobs are created. Youth Credit represents that transition from macroeconomic reform to microeconomic impact,” Oyedele said.

The minister explained that eligibility will be determined by responsible credit behaviour, cash flow and repayment capacity rather than traditional collateral requirements, a move aimed at widening access to finance for young entrepreneurs who often lack assets to secure conventional bank loans.

He said the facility is targeted at micro and small businesses, including artisans, farmers, technology innovators, creatives, service providers and other young entrepreneurs seeking capital to start, formalise or expand their businesses.

Oyedele noted that the programme complements the Federal Government’s broader economic reform agenda, including efforts to simplify the tax system, reduce compliance burdens on small businesses, strengthen macroeconomic stability and improve access to finance.

According to him, while maintaining macroeconomic stability remains a priority, long-term economic growth will depend on expanding opportunities that improve livelihoods, support business growth and create quality jobs.

The minister also urged beneficiaries to utilise the facility responsibly, stressing that prudent borrowing and prompt repayment would help establish a strong credit culture capable of unlocking greater financing opportunities in the future.

He commended the Nigerian Consumer Credit Corporation (CreditCorp), participating financial institutions and development partners for collaborating to deliver the initiative, describing the programme as a practical example of how government and the private sector can work together to unlock Nigeria’s productive potential.