Federal Government Launches ₦2m Youth Credit Scheme to Boost Entrepreneurship, Target 500,000 Young Nigerians

The Federal Government has launched the Youth Credit for Entrepreneurs Programme, a nationwide financing initiative designed to improve access to affordable credit for young business owners and stimulate enterprise-led economic growth as part of its broader economic reform agenda.

The programme, unveiled in Abuja on Friday, will provide eligible Nigerians between the ages of 18 and 35 with loans ranging from ₦200,000 to ₦2 million through participating regulated financial institutions.

Unlike conventional lending programmes, eligibility will be determined by applicants' responsible credit behaviour, business cash flow and repayment capacity rather than traditional collateral requirements.

Speaking at the launch, the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, described the initiative as a significant milestone in translating macroeconomic reforms into practical economic opportunities for young Nigerians.

According to him, access to affordable financing remains one of the biggest barriers preventing many young entrepreneurs from expanding viable businesses.

"The real test of reform is whether ordinary Nigerians can access more opportunities, whether businesses can grow, and whether decent jobs are created. Youth Credit represents that transition from macroeconomic reform to microeconomic impact," Oyedele said.

He noted that while Nigeria possesses abundant entrepreneurial talent, millions of young people remain unable to build sustainable businesses because they lack affordable capital rather than ideas or ambition.

"The programme reflects the Federal Government's commitment to building an economy where responsible borrowing, financial inclusion and enterprise drive shared prosperity," he added.

According to the minister, the financing scheme is designed to support a broad range of youth-led enterprises, including artisans, farmers, technology innovators, creative entrepreneurs, service providers and other micro and small businesses.

The objective, he explained, is to help young entrepreneurs start new ventures, formalise existing businesses and scale their operations.

He said the initiative aligns with the Federal Government's wider economic reform programme aimed at strengthening macroeconomic stability while expanding opportunities for businesses and households.

Those reforms include efforts to simplify Nigeria's tax system, improve access to finance, reduce compliance burdens on small businesses and create a more conducive investment environment.

Oyedele stressed that economic stability alone would not guarantee sustainable growth unless it translates into increased productivity, higher incomes and more employment opportunities.

"Macroeconomic stability remains essential, but sustainable growth ultimately depends on creating opportunities that improve livelihoods, expand businesses and generate quality jobs for Nigerians," he said.

The minister urged prospective beneficiaries to approach the programme responsibly, emphasising that timely loan repayment would help establish a stronger national credit culture capable of expanding future financing opportunities.

He said responsible borrowing would benefit both borrowers and the wider financial system by encouraging lenders to increase access to credit for young entrepreneurs.

Oyedele also commended the Nigerian Consumer Credit Corporation (CreditCorp), participating financial institutions and development partners for collaborating to deliver the programme.

He described the initiative as evidence of how government and the private sector can work together to unlock Nigeria's economic potential.

"This is a practical demonstration of how government and the private sector can collaborate to unlock Nigeria's productive potential," he said.

The Youth Credit for Entrepreneurs Programme represents the third phase of the Federal Government's broader Youth Credit Initiative.

According to the Ministry of Finance, the programme is expected to empower up to 500,000 young entrepreneurs across Nigeria while deepening financial inclusion, encouraging business expansion and supporting inclusive economic growth.

Officials believe improved access to affordable financing will enable more young Nigerians to establish sustainable businesses capable of creating jobs and contributing to national economic development.