He said that in the past year, the agency had released more than N30 billion to over 200,000 Nigerians, including Youth Corps members and others who needed financing for mobility or digital tools.
While revealing that CREDICORP had recorded zero non-performing loans so far, he said the target was to reach one million youth by 2026.
He emphasised that the expansion reflected both the scale of demand and the administration’s commitment to unlocking opportunity for millions of young Nigerians through the country’s most affordable structured credit.
He assured that the Nigerian Government was committed to ensuring that credit became a tool for empowerment rather than a burden.
He added that responsible lending practices and proper verification systems had been put in place to safeguard the process.
He said the scheme required no collateral with interests as low as two per cent monthly and a six-month moratorium.
According to him, the programme seeks to offer a viable alternative to predatory lenders also known as ‘loan sharks’, providing a more affordable and sustainable credit option for beneficiaries.
Under the scheme, he said gainfully employed Nigerian youth between the ages of 18 and 39 could access up to N5million credit.
Also speaking, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the initiative as a practical expression of President Bola Tinubu’s vision for a modern, credit-enabled economy.
Edun stressed that as government reforms strengthen the economy, Nigerians must also feel these gains in their daily lives through access to tools that make them more productive and financially secure.
He said the initiative represented a major step towards expanding financial inclusion and easing economic pressures on young workers.
He said the initiative aligned with President Bola Tinubu’s broader economic reforms targeted at improving livelihoods, stimulating consumer spending, and supporting small and growing enterprises.
“The YouthCred is about dignity for you, your financial independence, your access to resources to be able to live your dreams and not be constrained.
“Under President Bola Tinubu, it is no longer a question of a few people having privileged access. No, the access to the opportunity is for all, and of course, it’s about inclusion.
“The ultimate aim of the government is to build and we’re well on the way to that with the removal of market distortions and stabilising of the economy,” he said.