The Federal Government has unveiled a new empowerment scheme aimed at equipping young Nigerians with the financial resources necessary to expand their businesses and achieve economic self-sufficiency.
Officially launched on Wednesday in Abuja, the YOUTHCRED for Entrepreneurs initiative will extend credit support to 500,000 youths nationwide. Beneficiaries aged between 18 and 35 will be eligible to access loans ranging from N200,000 to N2 million to establish, operate, and scale their ventures.
The programme has been designed to bridge the persistent funding gap that has historically excluded young business owners from the formal financial system.
Speaking at the launch, Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, emphasised that the scheme is specifically tailored to support the individuals who underpin Nigeria’s micro-economy.
“You may want to ask why the focus on entrepreneurs? That’s because more than 90 per cent of Nigeria’s MSMEs [Micro, Small and Medium Enterprises] 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,” he said.
“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 stressed that access to the loans would be determined not by personal connections or existing assets, but by an applicant’s business activity and demonstrated ability to repay.
“Through YOUTHCRED for Entrepreneurs, eligible Nigerians aged 18 to 35 can access financing from N200,000 to N2 million, based not on inherited wealth or collateral, but simply on responsible credit behaviour, cash flow and repayment capacity delivered through regulated financial institutions,” he added.
The minister further noted that the credit line was constructed to support genuine builders and to foster a culture of self-reliance.
“Hardworking young Nigerians deserve structured credit, not charity. 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,” he said.
