ALERT: How To Apply For FG’s N75bn Youth Investment Fund initial amount of N12.5 billion will be needed for the remaining part of 2020 in order to start the NYIF.
Nigeria Youth Investment Fund

The federal government says that it has opened a platform for Nigerians to apply for its youth investment fund of N75 billion.

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.

In order to transform them into entrepreneurs, the NYIF is committed to investing in the new ideas, skills, talents and businesses of Nigerian youth.

Dare had explained that 500,000 young people annually are targeted by the funding.

He said that over the next three years, a minimum of N25 billion will be disbursed per year, totalling N75 billion.

Dare said an initial amount of N12.5 billion will be needed for the remaining part of 2020 in order to start the NYIF.

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.

The minister said disbursement of the fund will be through various channels, which 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.

According to him, the initial funding for the NYIF will be provided by the Ministry of Finance, Budget and National Planning and the CBN, while young people seeking to benefit from the fund need genuine business ideas and registered business entities.

He added that those individuals must be Nigerian citizens and must be able to provide recognized means of identification and guarantors.

Interested applicants can access the registration portal via this link.

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