NEWS
How to register for FG’s ₦75billion youth investment fund
The federal government has opened the official portal for Nigerians to apply for its N75 billion youth investment fund, TopNaija reports.
The initiative of the ministry of youths and sports is being funded by the Central Bank of Nigeria (CBN). On July 22, Sunday Dare, minister of youth and sports development, announced that the federal executive council approved the establishment of NYIF to the tune of N75 billion.
The NYIF is dedicated to 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 N25 billion will be disbursed each year over the next three years, totalling N75 billion.
Dare said for the remaining part of 2020, an initial sum of N12.5 billion will be needed to commence 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 single digit interest rate of 5%,” he said.
The minister said disbursement of the fund will be through various channels, which will include micro credit 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 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.
As the portal for the N75 billion NYIF is being opened, youths that needs funding for their business ideas can start to apply.
These are the 4 important things to know about the application for the NYIF.
How to register for FG’s ₦75billion youth investment fund
- Eligibility – Only youth within the age bracket of 18-35 years with business ideas that requires funding can apply.
- Purpose of the NYIF – To invest in creative ideas, skills and talent of Nigerian youths. In other to make entrepreneurs, wealth creators and employers of labour of Nigerian youths.
- How long will the project runs? – The fund will run for 3 years, with annual disbursement of N25 billion to 500,000 youths annually. N12.5 billion is expected to be disbursed before end of 2020.
- How to apply – Interested applicants are to log on to the website at: https://nyif.nmfb.com.ng/
