- The Federal Government has launched the Youth Credit Initiative
- The loans are designed to be used for various purposes and to finance small businesses
- One Youth, Two Skills initiative by the Ministry of Youth Development
The Federal Government has launched a new loan program called the Youth Credit Initiative, offering up to N200,000 to young Nigerians.
Eko Hot Blog reports that this scheme, which has an initial N9 billion for its first phase, is being managed by the Nigerian Consumer Credit Corporation (CREDICORP) and is designed to empower young people and help them build credit. The program will first be available to members of the National Youth Service Corps (NYSC).
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According to the Minister of Youth Development, Ayodele Olawande, the initiative is a “structural empowerment” rather than a “cosmetic policy,” comparing it to the access to credit that helps young people in other countries build wealth.
In the same vein, the Managing Director of CREDICORP, Engineer Uzoma Nwagba, explained that the loans can be used for a variety of purposes, including covering relocation costs, buying work equipment, paying for skills training, and funding small businesses.
He also noted that by providing such flexible options, the government aims to cater to the diverse needs of young people navigating the economic landscape.
According to Nwagba, the program offers a good alternative to predatory lenders. He stressed that it is essential for beneficiaries to repay their loans on time to ensure the program can continue to help more young people in the future.
The minister also unveiled a new slogan for his ministry, “One Youth, Two Skills,” and a broader goal of “One Local Government, One Product,” both of which are aimed at promoting businesses run by young people.
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