400,000 NYSC Members, Youths Enlisted For FG’s N9bn Credit Facilities

CREDICORP signs implementation MoU with NYSC

About 400,000 youths, including members of the National Youth Service Corps (NYSC), have been enlisted to benefit from the federal government’s N9 billion credit facilities for entrepreneurs.
Selected youths, including NYSC members, will receive up to N200,000 single-digit interest loan offers, which are expected to be useful in setting up or running their entrepreneurial ventures.

To this end, the Managing Director/Chief Executive Officer of CREDICORP, Uzoma Nwagba, on Wednesday, August 6, 2025, signed a Memorandum of Understanding (MoU) with the NYSC to empower its members with credit facilities of up to N200,000 per individual.

Nwagba explained that the loans are intended to support a range of needs, including relocation, purchase of work tools or devices, skills training, and funding for small businesses, adding that the first phase of YouthCred focuses on NYSC members, who will be required to complete a short digital credit education programme before becoming eligible for the credit facility.

He added that corps members will be eligible for smaller amounts after completing the credit education scheme and can access larger sums of up to N200,000 per corps member after repaying their previous loan.

Nwagba said: “The heart of YouthCred is not just credit, but credit orientation that teaches young Nigerians, especially as they are entering the workforce, good credit habits, how to build a credit history, how to plan financially and borrow responsibly, and ultimately also provides them with credit that enables them to access goods and services.

“Our first target for this is N9 billion. But, as I said at the signing ceremony, the loans will grow, and the amounts will grow as the programme continues to gain adoption. So, corps members should take full advantage of the opportunity. Financial discipline and timely repayment will be critical to the sustainability and expansion of the scheme.”

The Director-General of the NYSC, Brigadier General Olakunle Nafiu, described YouthCred as a platform for positive impact on both corps members and the NYSC scheme as a whole.

He promised that the 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.

He appreciated President Bola Ahmed Tinubu for his passion for empowering youths through the single-digit interest loan for entrepreneurial engagements.