Federal Government has launched the Youth Credit Initiative, otherwise known as ‘YouthCred’, as a component of the Nigerian Consumer Credit Corporation (CREDICORP) targeted at empowering youth-entrepreneurs particularly members of the National Youth Service Corp (NYSC).
Minister of Youth Development, Ayodele Olawande, who launched the programme at the NYSC orientation camp in Abuja, pledged that the Ministry of Youth Development would expand the programme beyond NYSC members to reach the informal sector and underserved communities
The Minister described the YouthCred programme as a veritable platform designed by the federal government to provide a single-digit interest loan for youths who desire to expand their businesses or start a fresh business.
He said the initiative was an open expression of President Bola Tinubu’s love and hope in the capacity of the youths to strengthen the economy of Nigeria through small and medium businesses, thus contributing to the Gross Domestic Product (GDP) of the country.
He added: “It’s also an opportunity to empower the youths, particularly those who are innovative and had established certain businesses. The president has been consistent in his interest to employ the youths, and that could be seen in his engagements with the youths.”
He challenged the youths to take advantage of the single-digit interest loan to develop, build, and expand their businesses or whatever ventures they are engaged in. “Timely repayment would enable others to benefit from the initiative in the future,” he said.
NYSC Director-General, Brigadier General Olakunle Nafiu, in his remarks, described the YouthCred as a platform for a positive impact on both Corps Members and the NYSC scheme as a whole.
He promised that NYSC would collaborate fully with CREDICORP to ensure seamless implementation of the initiative, including integrating the credit education module into Corps Members’ orientation and training programmes.
CREDICORP makes it easier for every Nigerian to access responsible credit, empowering them to do more, achieve more, and build lasting financial confidence. It is an initiative of President Bola Ahmed Tinubu, with the mandate to remove structural, market and policy barriers, and accelerate access to consumer credit to 50% of all working Nigerians, by 2030
