The Federal Government has launched the YOUTHCRED for Entrepreneurs initiative, a credit scheme designed to provide loans of up to N2 million to more than 500,000 young Nigerian entrepreneurs. The programme, announced by Finance Minister Taiwo Oyedele at a ceremony in Abuja on July 22, 2026, aims to bridge the funding gap that has historically excluded young business owners from formal financial systems.
Eligibility and Loan Details
Nigerians aged 18 to 35 can apply for loans ranging from N200,000 to N2 million. Unlike traditional bank lending, eligibility is determined by an applicant's credit behaviour, cash flow, and ability to repay, rather than collateral or business registration status. The initiative is being run by the Nigerian Consumer Credit Corporation (CREDICORP).
Why Entrepreneurs Were Targeted
Minister Oyedele explained that the focus on entrepreneurs reflects the reality of Nigeria's small business landscape. 'More than 90 per cent of Nigeria's MSMEs are micro enterprises built around individuals, from the tailor to the ride-hailing driver, the fashion designer, the caterer, content creator, the mechanic, and the young farmer, many remain excluded from formal finance because traditional lending demands incorporation more often than not, audited accounts, and collateral that early stage entrepreneurs simply do not have and cannot provide,' he said. He urged loan recipients to repay on time, warning that the programme's long-term success depends on responsible borrowing.
CREDICORP's Track Record
CREDICORP Managing Director Uzoma Nwagba revealed that the agency has already disbursed over N47 billion in consumer credit to more than 301,000 Nigerians, with no non-performing loans recorded. 'Hardworking young Nigerians deserve structured credit, not charity,' Nwagba said. 'More than 90 per cent of our MSMEs trade in the name of the person who built them so that is exactly how we built this credit line: for the individual, not just the entity. Every naira is tied to eligibility, repayment discipline and business growth, because when builders win, Nigeria wins.'
Government Support and Broader Context
Ministers of Budget and Economic Planning, Youth Development, and Women Affairs offered goodwill messages at the launch, describing the initiative as a meaningful step towards financial inclusion and youth empowerment. This programme follows other government efforts, such as the iDICE Startup Bridge Growth Lab, a 12-week accelerator offering up to $350,000 (about N482.4 million) for 12 Nigerian tech startups, implemented by the Bank of Industry.
