FG Launches YOUTHCRED, Opens Portal to Give 500,000 Nigerian Youths Up to N2 Million

• The Federal Government launched the YOUTHCRED for Entrepreneurs initiative to provide credit to over 500,000 young Nigerians
• Eligible entrepreneurs can access loans from N200,000 to N2 million based on credit behaviour and cash flow, not collateral
• CREDICORP revealed it has already disbursed over N47 billion in consumer credit to more than 301,000 Nigerians

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The Federal Government has unveiled a credit scheme targeting young Nigerian entrepreneurs, with plans to reach more than 500,000 beneficiaries through loans of up to N2 million each.

Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, announced the YOUTHCRED for Entrepreneurs initiative at a launch ceremony in Abuja on Wednesday, July 22, 2026.

The programme is being run by the Nigerian Consumer Credit Corporation, known as CREDICORP, according to a report by Daily Trust.

It is designed to bridge the funding gap that has long shut young business owners out of formal financial systems.

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Oyedele said Nigerians aged 18 to 35 can apply for loans ranging from N200,000 to N2 million.

Unlike traditional bank lending, eligibility will be determined by an applicant's credit behaviour, cash flow and ability to repay, not by collateral or business registration status.

Why entrepreneurs were targeted

Punch reported that the minister said the decision to focus specifically 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," Oyedele said.

He urged loan recipients to repay on time, warning that the programme's long-term success depends on responsible borrowing.

Ministers of Budget and Economic Planning, Youth Development, and Women Affairs all offered goodwill messages at the event, describing the initiative as a meaningful step towards financial inclusion and youth empowerment.

CREDICORP cites N47bn already disbursed

CREDICORP Managing Director, Uzoma Nwagba, said the agency has a proven track record ahead of the new scheme's rollout, having already given out over N47 billion in consumer credit to more than 301,000 Nigerians, with no non-performing loans recorded.

Nwagba said the programme was built around individuals rather than registered entities, reflecting how most small businesses in Nigeria actually operate.

"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."

FG opens applications for 12 startups to get N482m

Legit.ng earlier reported that the Federal Government, through the Investment in Digital and Creative Enterprises (iDICE) Programme implemented by the Bank of Industry (BoI), has launched applications for the iDICE Startup Bridge Growth Lab, a 12-week accelerator programme offering up to $350,000(about N482.4 million) in funding for promising Nigerian technology startups.

According to a statement issued by the programme organisers, the initiative will select 12 startups from across Nigeria's six geopolitical zones.

Participants will receive business development support, mentorship from seasoned founders and industry experts, investment-readiness training, and introductions to active investors.