In a major step toward youth empowerment, the Minister for Youth Development, Mr. Ayodele Olawande, has officially launched the “YouthCred” loan scheme — a financial initiative designed to provide serving Corps Members with access to single-digit interest loans of up to ₦200,000.
According to Hobnob News, the scheme is a collaborative effort between the Ministry of Youth Development and the Nigerian Consumer Credit Corporation (CREDICORP). It was launched today at the National Youth Service Corps (NYSC) Orientation Camp in Kubwa, Abuja.
Speaking at the ceremony, Minister Olawande described the initiative as a key youth-focused programme of President Bola Ahmed Tinubu’s administration, aimed at equipping Nigerian youths with the financial means to pursue their ambitions during and after their service year.
“This is a commendable initiative that reflects the President’s unwavering commitment to youth development and economic empowerment,” Olawande said.
Also addressing the gathering, the Director General of NYSC, Brigadier General Olakunle Nafiu, noted that the official rollout of the YouthCred programme will provide Corps Members with access to affordable and flexible credit to support their personal and entrepreneurial goals.
“Over 400,000 Corps Members pass out of the Scheme annually. With this initiative, we are marking a major milestone in enhancing their welfare and socio-economic prospects,” General Nafiu said.
He expressed appreciation to President Tinubu and CREDICORP’s leadership for supporting youth-focused development, adding that the programme aligns perfectly with the NYSC’s mandate of fostering national unity and creating opportunities for Nigerian youths.
“I urge Corps Members to use their credit cards judiciously, in line with the rules and regulations,” he said, while also calling on other stakeholders to partner with the NYSC in launching more impactful youth initiatives.
In his remarks, Mr. Uzoma Nwagba, Managing Director/CEO of CREDICORP, revealed that ₦9 billion has been allocated for the first phase of the programme, which targets Corps Members across the country.
Nwagba emphasized that the initiative goes beyond just providing access to funds, stating that it is also intended to promote responsible borrowing, credit discipline, and financial literacy among Nigerian youths.
The YouthCred loan scheme is expected to not only ease financial burdens for Corps Members but also stimulate entrepreneurial ventures and job creation across the country.
