President Tinubu Announces New Consumer Credit Initiative to Empower 400,000 Young Nigerians
President Bola Tinubu has unveiled plans to launch a new consumer credit initiative in July, aimed at empowering 400,000 young Nigerians, including members of the National Youth Service Corps (NYSC).
Speaking at a joint session of the National Assembly in Abuja on Democracy Day, President Tinubu stated that the initiative will be implemented through the Nigerian Consumer Credit Corporation (CREDICORP), which has already provided access to affordable credit for over 100,000 Nigerians, including 35,000 civil servants.
“In less than one year, over one hundred thousand Nigerians, including thirty-five thousand civil servants, have benefited from affordable consumer credit through the Nigerian Consumer Credit Corporation (CREDICORP), enabling them to purchase vehicles, light up and improve their homes and purchase life essentials,” President Tinubu said.
“This July, we will launch a bold new initiative to empower four hundred thousand young Nigerians, including youth corpers, with consumer credit.”
The President emphasized the government’s commitment to providing more opportunities for young people through job creation and skills development. He highlighted programs such as NELFUND as key investments in education, vocational training, apprenticeships, and internships to ensure that Nigerian youth are well-prepared for the workforce and the future.
President Tinubu also noted that his administration had undertaken significant reforms to address structural imbalances in the Nigerian economy, with early indicators suggesting positive results.
“We are already seeing results. GDP grew by 3.4 per cent in 2024, with Q4 hitting 4.6 per cent, the highest quarter of growth in over a decade. Inflation is easing gradually, steadying the price of food staples like rice and beans,” he said.
“Our net foreign reserves have increased five-fold, and the Naira exchange rate has stabilised. Our balance of payments position is positive; our sovereign credit rating is improving as we continue to promote oil and non-oil exports.”
The President’s remarks underscore the government’s focus on empowering young Nigerians and fostering sustainable economic growth through targeted initiatives and strategic reforms.
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