From Fred Ezeh, Abuja
Federal Government has launched the Youth Credit Initiative, others known as YouthCred as a component of the Nigerian Consumer Credit Corporation (CREDICORP) targeted at empowering youth-entrepreneurs particularly members of the National Youth Service Corp (NYSC).
Minister of Youth Development, Ayodele Olawande, who launched the programme at the NYSC orientation camp in Abuja, pledged that the Ministry of Youth Development would expand the programme beyond NYSC members to reach the informal sector and underserved communities.
googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1718806029429-0’); });
The Minister described the YouthCred programme as a veritable platform designed by the federal government to provide a single-digit interest loan for youths who desire to expand their businesses or start a fresh business.
He said the initiative was an open expression of the President’s love and hope in the capacity of the youths to strengthen the economy of Nigeria through small and medium businesses thus contributing to the Gross Domestic Product (GDP) of the country.
He added: “It’s also an opportunity to empower the youths, particularly those who are innovative and had established certain businesses. The president has been consistent in his interest to employ the youths, and that could be seen in his engagements with the youths.”
The Minister drew parallels between the prosperity enjoyed by young people in developed countries and their access to credit facilities, stressing that the new initiative would help bridge the economic gap for Nigerian youths.
“In America and other developed countries, someone can pose with a car and look rich, not because he or she is a millionaire, but because he or she has access to credit. What makes the difference is not cash in hand, but access to a credit score and a system that believes in young people.
“This YouthCred is not a cosmetic policy. We are talking about structural empowerment. For the first time, you have a president who is not just ruling but leading. That’s the difference this time. I am proud to be your first young minister of youth development, and I want to be known as the voice of Nigerian youth. Today, we are not just launching a credit programme. We are launching a movement,” he said.
The Managing Director/CEO of CREDICORP, Uzoma Nwagba, in his address to the Corp members, disabused their minds regarding access to loan, insisting that loan is a very for businesses as long as it’s for good investment.
He explained that the loan scheme was designed to cater to various needs of young entrepreneurs such as relocation expenses, buying work equipment or tools, skills development, and financing small-scale enterprises.
He emphasized that 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.
He challenged them to take advantage of the single-digit interest loan to develop, build, and expand their businesses or whatever ventures they are engaged in. “Timely repayment would enable others to benefit from the initiative in the future,” he said.
NYSC Director-General, Brigadier General Olakunle Nafiu, in his remarks, described the YouthCred as a platform for a positive impact on both Corps Members and the NYSC scheme as a whole.
He promised that NYSC would collaborate fully with CREDICORP to ensure seamless implementation of the initiative, including integrating the credit education module into Corps Members’ orientation and training programmes.
The post FG’s YouthCred initiative kicks off at Abuja NYSC camp appeared first on The Sun Nigeria.
