The Federal Government has announced that the newly launched YOUTHCRED for Entrepreneurs initiative is set to empower more than 500,000 young entrepreneurs countrywide.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this in Abuja on Wednesday at the launch of the YOUTHCRED for Entrepreneurs programme, aimed at unlocking the entrepreneurial potential of young Nigerians and accelerating economic growth through access to affordable credit.
Oyedele said the initiative, which is implemented by the Nigerian Consumer Credit Corporation (CREDICORP), is designed to bridge the financing gap confronting many young business owners by providing them with the resources needed to start, sustain and scale their enterprises.
According to him, the programme reflects the Federal Government’s commitment to building a more inclusive economy where young people are equipped not only with skills and ideas but also with the financial support required to transform those ideas into thriving businesses.Giving his keynote address, the Minister noted that empowering young entrepreneurs remains central to the administration’s economic agenda, stressing that expanding access to credit would stimulate innovation, create jobs and strengthen Nigeria’s small business ecosystem.
He expressed confidence that YOUTHCRED would significantly contribute to wealth creation and position thousands of young Nigerians to become active drivers of national development.
“You may want to ask why the focus on entrepreneurs? That’s because 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 former 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. Hardworking young Nigerians deserve structured credit, not charity,” said Uzoma Nwagba, Managing Director/CEO of CREDICORP.
“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.”
