On Thursday 15th October, 2020, the Honourable Minister of Youth and Sports Development, Mr. Sunday Dare, on behalf of the Federal Government launched the application portal for the Nigerian Youth Investment Fund (NYIF) in Abuja for eligible and enterprising youths. The investment fund will see the Federal Government commit N75 billion with a three year spread to investing in talents, skills and business ideas of Nigerian youths. As reported by the Federal Ministry of Information and Culture, this is in fulfilment of the president’s promise and determination to lift about 10 million Nigerians out of poverty in ten years.
It is worthy of note that the Youth Investment Fund (NYIF) was approved since July 22, 2020 by the Federal Executive Council.
As of the moment, the Governor of the Central Bank of Nigerian (CBN), Godwin Emefiele has carried out the president’s directive to provide the initial N12.5 billion required to kick start the process for the last quarter of the year 2020 while the Ministry of Finance, Budget and National Planning has committed to provide the next portion of the Fund in the budget for 2021.
The Fund allows non-registered businesses and individuals to draw (in loans) up to two hundred and fifty thousand naira (₦250,000.00) worth of investment fund while youth owned registered businesses can apply for up to three million naira (₦3,000,000.00) worth of investment fund. The investment fund comes with a 5% interest clause per annum. Also, the loans carry a tenor of five years and an authorization for temporary suspension of up to 12 months.
Of course, the next question is who is eligible? The eligibility status covers Nigerian youths within the age bracket of 18-35 years. So if you are a youth and have a validated (profitable) business idea and need seed funding or a higher stage funding and would not mind a 5% interest per annum tagged loan, you can apply at – NYIF (Click Now to Apply)
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