According to reports, The Federal Government of Nigeria has opened the portal for Nigerians to apply for its N75billion Youth Investment Fund.
Nigeria Youth Investment Fund (NYIF), is a government initiative created to boost the Nigeria economy through leverage and access to financial aid for the youths. The fund will help to unleash the potential of the Nigerian youths and enable them to build businesses which will help to lower the rate of unemployment.
On July 22, The minister of youth and sports development, Mr Sunday Dare made an announcement, stating that the Federal Executive Council(FEC), has approved the establishment of NYIF with the sum of N75billion. “The fund aims to reach 500,000 youth annually between 2020 & 2023 (3years). Each fund approval will range from N250,000 to N50,000,000 with a spread across group applications, individuals application, working capital loans set at 1 year and term loans set at 3 years with a single digit interest rate of 5%.” He said.
This fund will help the Youth to start or grow their businesses with a government-backed loan and have access to free business support.
- Applicants must be between the ages of 18 and 35 years.
- Bank Verification Number (BVN)
- NYSC certificate for graduates.
- Fundable Business Idea.
- A Registered Business Entity.
- Applicants must be Nigerian citizens.
All interested applicants should visit https://nyif.nmfb.com.ng/Applicants/New