The Federal Government has opened the portal for eligible and interested Nigerians to apply for the N75 Billion Nigeria Youth Investment Fund (NYIF).
The Nigeria Youth Investment Fund is dedicated to investing in the innovative ideas, skills, talents, and enterprise of the Nigerian youth with the aim of turning them into entrepreneurs.
It is an initiative of the Federal Ministry of Youth and Sports Development and funded by the Central Bank of Nigeria (CBN) to invest in youth ideas to build sustainable businesses that can activate enterprise and increase job opportunities in Nigeria.
Sunday Dare, the Minister of Youth and Sports said when he announced the fund back that “It 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 single digit interest rate of 5%,” he said.
According to him, the ministry of finance, budget and national planning and the CBN will provide the initial financing for NYIF, while youth 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 and must be able to provide recognised means of identification and guarantors.
Click here to apply for the Nigeria Youth Investment Fund.