By Joseph Erunke, Abuja
The Federal Government on Wednesday launched the third phase of its YouthCred initiative, targeting 500,000 young entrepreneurs with access to loans ranging from N200,000 to N2 million without collateral.
The programme, launched by the Nigerian Consumer Credit Corporation (CREDICORP) in partnership with the Federal Ministry of Finance, is designed to expand access to affordable credit by moving away from traditional collateral-based lending to a system built around responsible borrowing, cash flow and repayment history.
Speaking at the launch in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, described the initiative as a major step towards unlocking the productive potential of young Nigerians and building a credit-driven economy.
Oyedele said Nigeria has no shortage of entrepreneurs but has continued to struggle with limited access to affordable financing, which has prevented many businesses from expanding.
