Di Federal Government don unveil new loan scheme wey go give eligible young entrepreneurs between N200,000 and N2 million to start, sustain and expand dia business. Dis na part of efforts to improve access to finance and stimulate economic growth.
Di initiative, wey dem call YOUTHCRED for Entrepreneurs, bin launch on Wednesday for Abuja by di Minister of Finance and Coordinating Minister of di Economy, Taiwo Oyedele. Di programme wey di Nigerian Consumer Credit Corporation (CREDICORP) dey implement, go benefit more dan 500,000 young entrepreneurs across di country.
Speakin at di launch, Oyedele tok say di scheme na to address di financing challenges wey many young business owners dey face wey no fit access conventional bank loans because of lack of collateral, audited financial records or formal business registration. E explain say Nigerians aged 18 to 35 fit access loans rangin from N200,000 to N2 million through regulated financial institutions, wit eligibility based on responsible credit behaviour, cash flow and repayment capacity, not inherited wealth or collateral.
According to di minister, di programme show di Federal Government commitment to build inclusive economy by supportin young entrepreneurs wit di financial resources wey dem need to transform innovative ideas into thrivin businesses. E say expandin access to affordable credit go promote innovation, create jobs and strengthen Nigeria micro, small and medium-sized enterprises (MSMEs), notin say more dan 90 per cent of di country MSMEs na micro-enterprises wey individuals dey operate.
Oyedele urge beneficiaries to treat di facility as repayable loan, not government grant, stressin say prompt repayment go ensure di programme sustainability and allow more young entrepreneurs to benefit. E add say responsible use of di credit facility go foster financial discipline and strengthen confidence for Nigeria consumer credit system.
For separate goodwill messages, di Minister of Budget and Economic Planning, Senator Abubakar Bagudu, di Minister of Youth Development, Ayodele Olawande, and di Minister of Women Affairs, Imaan Sulaiman-Ibrahim, describe di initiative as significant step towards empowerin young Nigerians, expandin financial inclusion and supportin inclusive economic growth. Dem commend di administration efforts to improve access to consumer credit and digital tools, sayin di programme align wit di government broader agenda of promotin entrepreneurship, productivity and skills development.
Also speakin, Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, say di corporation don facilitate more dan N47 billion for consumer credit for over 301,000 Nigerians over di past two years while maintainin zero per cent non-performin loan rate. Nwagba say di entrepreneurs scheme represent di third phase of di YOUTHCRED programme, followin earlier phases targeted at National Youth Service Corps (NYSC) members and employed youths. E disclose say CREDICORP aim to expand di programme to reach 500,000 beneficiaries for di current phase and eventually one million Nigerians before di end of di year.
“Hardworking young Nigerians deserve structured credit, not charity,” Nwagba tok. E add say di scheme na to support individual entrepreneurs while promotin repayment discipline and sustainable business growth.
