The federal government has unveiled the YouthCred programme, even as it encouraged National Youth Service Corps (NYSC) members to take advantage of the initiative.
Speaking on Thursday in Abuja while flagging off the scheme at the orientation camp for NYSC Batch B Stream 1 members, minister of youth development, Ayodele Olawande, described it as a bold step towards empowering young Nigerians and giving them a solid footing in a credit-based economy.
The Guardian reports that YouthCred is a national credit scheme aimed at providing affordable consumer credit to 400,000 young Nigerians, including members of the National Youth Service Corps (NYSC). The sum of N9billion has been earmarked for the first phase of the programme.
Specifically, it will see eligible Corps Members accessing up to a N200,000 single-digit interest loan.
Olawande argued that many Nigerian youths need not a handout but access to structured credit and a government that sees them as partners in national development.
He said, “This is no longer about cosmetic policies. We are talking about structural empowerment,” he said. “For the first time, you have a president who is not just ruling but leading. That’s the difference.”
He acknowledged scepticism among young Nigerians towards government initiatives, attributing it to decades of disconnect.
He noted that the initiative will kick off with National Youth Service Corps (NYSC) members across all 774 local governments and over 8,000 electoral wards, stressing that the goal is to eventually extend the programme to all Nigerian youths, including those in informal sectors without access to traditional banking.
The minister also unveiled a new ministry slogan: “One Youth, Two Skills,” urging corps members to leave the orientation camp with at least two marketable skills. He said this would eventually feed into a broader goal of “One Local Government, One Product,” anchored on youth-driven enterprise.
He lauded President Bola Tinubu for his support and the managing director/CEO of CREDICORP, Engineer Uzoma Nwagba, for initiating the scheme.
Earlier, Engr Nwagba explained that the loan scheme aims to address various needs, such as relocation expenses, buying work equipment or tools, skills development, and financing small-scale enterprises.
He emphasised that the programme seeks to offer a viable alternative to predatory lenders, also known as ‘loan sharks,’ providing beneficiaries with a more affordable and sustainable credit option.
The managing director urged corps members to take advantage of the programme, noting that timely repayment would enable others to benefit from the initiative in the future.
