Officials of CREDICORP, Mr. Olawande, Corps members and NYSC Lagos Coordinator, Mrs. Salmwang
The National Youths Service Corps (NYSC) members at the Iyana Ipaja, Lagos orientation camp received an inspiring call to develop their entrepreneurial skills.
The Federal Minister of Youth Development, Comrade Ayodele Olawande, urged them to leverage the Skills Acquisition and Entrepreneurship Development (SAED) scheme to acquire two key entrepreneurship competencies that would position them for future opportunities.
He highlighted the availability of a credit facility provided by Consumer Credit Corporation (CREDICORP) to support their business ventures and foster growth.
Olawande emphasized that the initiative would not only enhance the financial independence of corps members but also significantly contribute to national development by cultivating a culture of entrepreneurship and responsible credit use among Nigerian youth.
He noted that many corps members possess innovative ideas and business acumen but face hurdles due to limited access to startup capital. "With YouthCred, these young Nigerians now have a platform to kickstart their ventures and acquire essential tools to boost productivity during and after their service year," he said.
He assured that the NYSC would collaborate fully with CREDICORP to ensure the seamless implementation of the scheme, including integrating credit education into corps members' orientation and training programs.
Aligned with President Bola Ahmed Tinubu's Renewed Hope agenda, the Nigerian Consumer Credit Corporation (CREDICORP) launched YouthCred in Lagos, aimed at making government-backed credit accessible to millions of young Nigerians, especially youths and corps members. The scheme was officially unveiled at the Ipaja NYSC orientation camp, following an earlier event at the Kubwa camp in Abuja.
"The launch was led by the minister and CREDICORP's Managing Director, Uzoma Nwagba, alongside other stakeholders. The initiative is branded as 'Real Financial Knowledge: Real Credit: Transforming a Generation with the Right Money Skills to Build a Great Future.'
Described as a national credit scheme, YouthCred is designed to provide responsible, fair, flexible, and affordable consumer credit to over 400,000 Nigerian youths, including corps members. During the event, Olawande emphasized that while YouthCred started at the FCT camp, it is open to all Nigerian youths regardless of background, encouraging young people to bring their ideas and innovations to life through the scheme.
Plans are in place to ensure each NYSC member receives a credit facility, with the scheme partnering with CREDICORP. Under the 'YouthCred' programme, eligible corps members can access loans with single-digit interest rates.
Speaking at the signing of a Memorandum of Understanding (MoU) between CREDICORP and NYSC in Lagos, Nwagba announced that N9billion has been allocated for the first phase of the initiative.
He explained that the programme fulfills President Tinubu's June 12 Democracy Day promise to launch a credit initiative targeting 400,000 Nigerians, including youth corps members, stressing that the first phase focuses on NYSC members, who must complete a brief digital credit education programme before qualifying for the loans.
"These loans aim to support various needs such as relocation, purchasing work tools or devices, skills training, and funding small businesses. Our initial target is N9 billion, but the loan amounts will increase as the programme gains traction."
Lagos State Commissioner for Youth and Social Development, Mobolaji Ogunlende, expressed enthusiasm for the transformative initiative, praising the Federal Government's dedication to youth welfare.