By Joseph Erunke, Abuja

The Federal Government has expanded the YouthCred for Employed Youth initiative under the Nigerian Consumer Credit Corporation (CREDICORP), describing it as a decisive move to equip young Nigerians with the financial tools needed to thrive in a credit-driven economy.

The scheme allows employed Nigerians aged 18 to 39 to access up to N5 million in affordable credit, with no collateral required.

Unveiling the expanded programme at the Ministry of Finance Auditorium in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the initiative brings President Bola Tinubu’s vision of a modern, inclusive, credit-enabled economy closer to reality.

Edun said the government’s economic reforms must translate into practical benefits for citizens, especially young workers, noting that access to structured credit remains essential for productivity, financial stability, and improved living standards.

He stressed that the YouthCred expansion aligns with the administration’s broader goal of strengthening livelihoods, stimulating consumer spending, and supporting small and growing enterprises.

“The YouthCred is about dignity, financial independence, and giving you the resources to live your dreams,” Edun told beneficiaries.

“Under President Bola Tinubu, access to opportunity is for all. The aim is to build a competitive, rapidly growing, and inclusive economy, one that supports young people, women, and the less advantaged.”

Earlier, CREDICORP Managing Director, Uzoma Nwagba, said the programme has evolved from a pilot into a nationwide platform for youth empowerment.

He disclosed that in the last year alone, CREDICORP disbursed over N30 billion to more than 200,000 beneficiaries, including NYSC members and young professionals seeking credit for mobility, digital tools, and other productivity-enhancing needs.

Nwagba added that CREDICORP has maintained a zero percent non-performing loan rate and is targeting one million youth beneficiaries by 2026.

He emphasised that the nationwide expansion reflects both rising demand and the administration’s commitment to delivering the most affordable structured credit in Nigeria’s history. Robust verification processes, he noted, are in place to ensure responsible lending.

According to him, the scheme offers interest rates as low as 2 percent monthly, a six-month moratorium, and a structure designed to pull young Nigerians away from predatory lenders commonly known as “loan sharks.”

Nwagba assured that the government intends to make consumer credit a tool for empowerment, not a burden, and will continue to drive reforms that make credit accessible, sustainable, and securely managed.