The Youth and Sports Ministry program is being sponsored by the Central Bank of Nigeria ( CBN).
On July 22, the Minister of Youth and Sports Development, Sunday Dare, announced that the Federal Executive Council had approved the creation of an NYIF of N75 billion.
He said that over the next three years, a minimum of N25 billion will be disbursed per year, totalling N75 billion.
He added that the initiative, which is part of President Muhammadu Buhari’s plan to address unemployment in the country, will be sustained by successive governments.
“The fund aims to reach 500,000 youth annually between 2020 and 2023. Each fund approval will range from N250,000 to N50,000,000, 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.
He added that those individuals must be Nigerian citizens and must be able to provide recognized means of identification and guarantors.
HM @SundayDareSD today flagged off the application for the Nigeria Youth Investment Fund #NYIF— Nigerian Youth Investment Fund (@NYIF_NG) October 15, 2020
Application is available online on NISRAL Microfinance Bank’s site, https://t.co/w2zxJgX8Wf or https://t.co/ZRDu3CqvBZ and https://t.co/IyjDs28kb6
Good Luck! pic.twitter.com/ykRqEv88UO