Nigerians can now apply for the ₦75 billion National Youth Investment Fund. The initiative of the ministry of youths and sports is funded by the Central Bank of Nigeria (CBN).
On 22nd July, Sunday Dare, Minister for Youth and Sports Development, announced that the federal executive council approved the establishment of NYIF to the tune of ₦75 billion.
The NYIF is investing in the innovative ideas, skills, talents, and enterprise of the Nigerian youth with the aim of turning them into entrepreneurs. Dare had explained that the funding targets 500,000 youth annually.
He said a minimum of ₦25 billion will be given each year over the next three years, totaling ₦75 billion. For the remaining part of 2020, it will cost an initial sum of ₦12.5 billion to start the National Youth Investment Fund.
He added that the initiative is part of President Muhammadu Buhari’s plan to address unemployment in the country.
“The fund aims to reach 500,000 youth annually between 2020 and 2023. Each fund approval will range from ₦250,000 to ₦50,000,000, with a spread across group applications, individual applications, working capital loans set at 1 year and term loans set at 3 years with a single-digit interest rate of 5%.” He said.
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Meanwhile, the Minister said disbursement of the fund will be through various channels. This will include microcredit organisations across the country, the CBN supported by the Bank of Industry, fintech organisations and venture capital organisations registered with the CBN.
Furthermore, the ministry of finance, budget, and national planning and the CBN will provide the initial financing for NYIF. Youths seeking to benefit from the fund must have genuine business ideas and registered business entities.
He added that such persons must be citizens of Nigeria. They must also be able to provide recognised means of identification and guarantors.
Interested applicants can access the registration portal of the National youth investment fund HERE.
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