Nigeria launches YouthCred loan scheme for young entrepreneurs

The Federal Government of Nigeria unveiled the YouthCred for Entrepreneurs programme in Abuja, offering affordable loans of N200,000 to N2 million to young business owners aged 18‑35. The scheme aims to reach up to 500,000 applicants, targeting sectors such as catering, fashion design, ride‑hailing, content creation, mechanics, agriculture and other micro‑ and small‑enterprise activities.

Applicants must operate a business, show good credit behaviour and cash‑flow capacity; no collateral or guarantors are required. Loans are disbursed through participating financial institutions, with repayment periods of one to 12 months. The minister of finance, Taiwo Oyedele, said the initiative is intended to unlock business opportunities for youth who struggle to obtain conventional bank credit.

Beneficiaries who repay on time can qualify for larger future loans and improve their credit rating through the platform’s financial‑literacy training.