FG urges NYSC members to access single-digit credit
The federal government has urged the members of National Youth Service Corps (NYSC) to access its newly launched national credit scheme, YouthCred, describing it as a means of empowerment. The Minister of Youth Development, Comrade Ayodele Olawande stated this yesterday during the sensitization of the initiative at the Lagos NYSC camp, stressing that the credit […]
ayodele olawande
The federal government has urged the members of National Youth Service Corps (NYSC) to access its newly launched national credit scheme, YouthCred, describing it as a means of empowerment.
The Minister of Youth Development, Comrade Ayodele Olawande stated this yesterday during the sensitization of the initiative at the Lagos NYSC camp, stressing that the credit was designed to foster financial inclusion and ease youths’ access to finance to start their businesses.
“I want you to be an employer of labour. I want you to train yourselves to get this. We launched this in Abuja. It is an initiative from us to you. Nigeria youths, we are ready to bring the initiative, the only thing is to give us time. We are thinking about the future and not about what you want to eat. So it is time for us to think,” he said.
He added that the credit scheme was designed to cater for the youths in the formal and informal sector, citing the Nigerian Education Loan Fund (NELFUND) as the initiative to cover the students.
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He emphasized that the ministry is poised to re-engineer the NYSC scheme and bridge the gap between the government and youths.
“This language of serving our fatherland, we want to change it, we want to come and serve ourselves to be entrepreneurs, employers of labour. We want to leave a legacy that our forefathers have started since 1973 and we are now in 2025, we want to reshape and re-engineer the Youth Corp Services and we want all members to build themselves.
“We are putting the power of the office of a minister aside and we are bringing the youths and government back to each other. There is no doubt that for 40 years the government has been far from the youth but kudos to the president for bringing the government closer to the young people,” he said.
The Managing Director, Nigerian Consumer Credit Corporation, (Credicorp), Engr. Uzoma Nwagba underscored the importance of credit, saying it will boost the country’s economy.
“Mr. President believes that credit is a good thing and responsible credit is one of the things that can advance your lives. Credit is at the heart of our economy and the president believes it is good,” he said.
“We have a culture in Nigeria where we have seen credit is not a good thing, it is almost like you get credit when you have a bad loss,” he said.
He noted that the interest rate for the loan is between 9-12 percent.
The Lagos NYSC coordinator, Christiana Salwang, appreciated the federal government for empowering members of NYSC with credit facilities, describing it as a welcome development.