The Federal Government has launched a single-digit interest loan scheme for National Youth Service Corps, NYSC, members across the country.
Tagged “YouthCred,” the initiative is being championed by the Nigerian Consumer Credit Corporation, CREDICORP, in collaboration with the Federal Ministry of Youth Development and the NYSC.
A statement by the agency said the scheme offers corps members access to loans of up to N200,000 to support their entrepreneurial or personal development needs.
While unveiling the programme on Thursday at the NYSC FCT Orientation Camp in Kubwa, Abuja, the Minister for Youth Development, Mr. Ayodele Olawande, described the scheme as a flagship youth empowerment initiative under the administration of President Bola Ahmed Tinubu.
“This initiative is a testament to President Tinubu’s Renewed Hope Agenda to give young Nigerians the tools they need to thrive. The YouthCred loan is not just about credit; it’s about dignity, empowerment, and unlocking the potential of our corps members,” he said.
Olawande explained that the loan is designed to offer corps members financial flexibility, whether to start a small business, support their professional development, or meet personal needs during their service year. He stressed that the interest rate is highly affordable, being in the single-digit range, and the application process is simple and youth-friendly.
Also speaking, the Director General of NYSC, Brigadier General Olakunle Akinyemi Nafiu, expressed gratitude to President Tinubu for the initiative, which he said aligns with NYSC’s mission of preparing young Nigerians for leadership and nation-building.
“This programme marks a significant milestone in our journey to enhance the socio-economic prospects of corps members. With over 400,000 corps members graduating from the Scheme annually, the YouthCred initiative will provide timely financial support and practical exposure to credit systems,” he said.
Nafiu noted that the partnership with CREDICORP would help promote a credit culture among young Nigerians, teaching them to borrow responsibly and invest wisely.
He encouraged corps members to make judicious use of the credit cards and adhere strictly to the terms and conditions governing the loans.
“Use this opportunity wisely. Let it help you build a future, not create a burden,” he advised.
He also called on the private sector and development partners to collaborate with the NYSC in creating more youth-centered initiatives that would stimulate economic growth and innovation.
On his part, Managing Director of CREDICORP, Mr. Uzoma Nwagba, said a total of N9 billion has been earmarked for the first phase of the programme, with corps members across the country as primary beneficiaries.
Nwagba emphasized that YouthCred is more than just a loan—it is a gateway to financial literacy and discipline.
“We’re not just giving out money; we’re fostering a culture of responsible borrowing and financial planning among Nigerian youth,” he said.
He disclosed that all eligible corps members would have access to a digital application platform where they can apply for the loan, receive financial tips, and manage their repayments.
The launch ceremony drew applause from corps members, many of whom expressed excitement over the opportunity to access funding during their service year, a time often characterized by financial strain and limited access to formal credit systems.
