The National Youth Service Corps (NYSC) has announced a new partnership with the Nigerian Consumer Credit Corporation (CREDICORP) to provide serving corps members with access to credit facilities of up to N200,000. The initiative, called ‘YouthCred’, is designed to empower young Nigerians financially and encourage responsible borrowing habits.
The programme will offer eligible corps members loans at a single-digit interest rate, with N9 billion set aside for the first phase. According to CREDICORP’s Managing Director, Mr Uzoma Nwagba, this is in line with President Bola Tinubu’s Democracy Day pledge to give 400,000 Nigerians, including youth corps members, access to credit.
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To qualify for the loan, corps members must complete a short online credit education course. This training will teach them how to manage finances, build a credit history, and borrow wisely. Initially, smaller loans will be offered, but once members repay those, they can access larger amounts of up to N200,000.
The loans can be used for various purposes, including relocation expenses, buying work tools or devices, funding small businesses, or paying for skills training. Mr Nwagba described YouthCred as a “national gold mine for credit reorientation” that will help young Nigerians prepare for life after service.
NYSC Director-General, Brigadier General Olakunle Nafiu, welcomed the initiative, calling it “epoch-making”. He said it would give corps members the independence and resources they need to turn their business ideas into reality. He also promised that the NYSC would fully support the programme, including making the credit education course part of corps members’ orientation and training.
Many Nigerians have reacted positively to the announcement but also expressed hope that the scheme will be properly implemented and not just remain another government plan that looks good on paper but delivers little in reality.
