How to Apply for Nigerian Youth Investment FundAbbakin
The minister of youth and sports development, Sunday Dare on Wednesday announced the approval by the federal executive council to establish the Nigerian Youth Investment Fund (NYIF).
This is a federal government initiative to invest in the innovative ideas, skills, talents and enterprise of the Nigerian youths with the aim of turning them into successful entrepreneurs.
About 500,000 Nigerian youths will benefit from the N75 billion approved funding under the Nigerian Youth Investment Fund annually. According to a tweet from Dare’s verified twitter handle:
“The NYIF is to serve as a sort of Youth Bank that will fund and support the innovative ideas, skills, talents and enterprise of the Nigerian Youth. A loan and credit pathway dedicated to assessing credit and soft loans. This is the very first of its kind by any Nigerian government.”
-Sunday Dare, Nigerian Minister of Youth and Sports Development.
He said a minimum of N25 billion will be disbursed each year for the next three years, totalling N75 billion. He added that the initiative, which is part of President Muhammadu Buhari’s plan to address youth unemployment in the country, will be sustained by successive governments.
If you want to participate in this investment opportunity, here is more information to know, this post includes some of the eligibility factors for this loan.
How to Apply for Nigerian Youth Investment Fund
Following his statements: The Nigerian Youth Investment Fund is a youth focused programs put in place by the federal government as part of a National Plan to combat youth unemployment and drive innovation, fuel entrepreneurship as well as support youth SMEs.
NYIF provides a single window of Investment Fund for the youth, thereby creating a common bucket for all Nigerian youth to access Government support. This programme will cater to the investment needs of persons between the ages of 18 and 35 years old.
The Nigerian Youth Investment Fund Provides a less cumbersome access to credit and finance for the average Nigerian youth with an approved workable business plan or business ideas that will create a new generation of entrepreneurs and help lift thousands of the youth out of poverty.
Read: How to Start a Business in Nigeria.
The fund aims to reach 500,000 youth annually, starting from 2020 to 2023.
Each successful group application or individual application would get business funding to the tune ranging from two fifty thousand to fifty million naira (N250,000 to N50,000,000).
For interesting candidates who want to apply for working capital loans, please note that this is set at 1 year payback period; while term loans are set at 3 years – with single digit interest rate of 5% maximum.
The loan disbursement channels would be through registered micro credit organisations, Fintech organisations and venture capital firms under the Central Bank of Nigeria (CBN); and supported by the Bank of Industry.
The ministry of finance, budget and national planning and the CBN are charged with the responsibility to provide the initial financing for NYIF.
On 28th October, 2020; the Central Bank of Nigeria released the guidelines for the Nigeria Youth Investment Fund (N-YIF) with a take-off seed capital of N12.5 billion.
The CBN also listed the NIRSAL Microfinance Bank (NMFB) as the eligible participating financial institution for the scheme.
The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc.) or Nirsal Microfinance Bank is a CBN licensed financial institution offering loans for multiple purposes such as COVID-19 and NYIF loans in Nigeria.
NYIF: Method of Application
The Nigerian Youth Investment Fund is another government source of funding for small and medium sized enterprises in Nigeria.
Therefore, youths seeking to benefit from the fund should also have genuine business ideas and registered business entities. Such persons must be citizens of Nigeria and must be ready to provide valid means of identifications and recognized guarantors.
For more information and updates on how to apply for Nigerian Youth Investment Fund, kindly follow us on Twitter or Facebook @abbakinglova.
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