Apply Now: FG to Launch Consumer Credit Scheme for 400,000 Nigerian Youths in July – Tinubu Announces

FG Set to Roll Out Youth Consumer Credit Empowerment Scheme in July

The Federal Government is preparing to introduce a large-scale consumer credit initiative in July 2025 to empower 400,000 young Nigerians, including National Youth Service Corps (NYSC) members. This move was announced by President Bola Ahmed Tinubu during his address to a joint session of the National Assembly as part of activities marking Democracy Day in Abuja.

CREDICORP to Drive Access to Credit for Young Nigerians

The programme will be coordinated by the Nigerian Consumer Credit Corporation (CREDICORP), which has already provided access to credit for over 100,000 Nigerians. Among the beneficiaries are approximately 35,000 civil servants who have been able to purchase essential items like vehicles, home appliances, and other goods that enhance their quality of life.

According to President Tinubu, the expansion of this initiative is aimed at boosting financial inclusion, improving living standards, and supporting young people’s transition into stable adulthood.

Job Creation and Skills Development Remain a Priority

The consumer credit scheme is part of broader government efforts to create job opportunities and equip young Nigerians with relevant skills. Through platforms like the Nigerian Education Loan Fund (NELFUND), the government is investing in education, vocational training, internships, and apprenticeships.

“We are ensuring Nigerian youth are not just job-seekers, but job-ready and future-ready,” Tinubu said.

Economic Reforms Beginning to Show Positive Impact

President Tinubu also gave updates on the current state of the economy, highlighting that reforms introduced since the beginning of his administration are beginning to yield results. He reported that Nigeria’s Gross Domestic Product (GDP) grew by 3.4% in 2024, with the fourth quarter reaching 4.6%—the highest in over 10 years.

Inflation is reportedly declining, and the Naira is stabilizing. Additionally, Nigeria’s foreign reserves have multiplied, improving the country’s balance of payments and global credit ratings.

READ ALSO: FG Extends CEDF Grant Application Deadline to June 30 — Apply Now

Digital and Agricultural Transformation Underway

The President further revealed that the federal government has started laying fibre optic cables across the country to enhance internet access and bridge the digital divide. This is expected to transform education, business, and communication across Nigeria.

On food production, Tinubu reiterated his administration’s commitment to achieving food sovereignty through the “Nigeria First” policy, which encourages local production and manufacturing to strengthen the nation’s economy.

How to Apply for the FG Consumer Credit Scheme

Eligible individuals can apply for the consumer credit scheme through the official CREDICORP registration portal:

Application Portal: https://credicorp-register.ng/

Steps to Apply:

1. Visit the registration portal.
2. Choose your loan type (Individual, Financial Institution, or Vendor/Manufacturer).
3. Fill out the necessary personal or business details.
4. Submit your application for review and verification.

Conclusion

The upcoming consumer credit scheme is a critical opportunity for Nigerian youth to access financial support for essential purchases and self-development. With the federal government’s renewed focus on economic inclusion, digital access, and industrial growth, this initiative could serve as a catalyst for nationwide progress.

Source: TheCable – FG to Launch Consumer Credit Scheme to Empower 400,000 Youths in July