NYIF Rebranded: FG To Spend N75B Till 2023-Registration Continues: The Nigeria Youth Investment Fund, through the Federal Ministry of Youth and Sport, has received a boost from the Federal Government. A whopping sum of N75B will be spent on the youths

This will provide opportunities for more Nigerian youths to access the programme, in furtherance of the President’s vision of lifting 100 million Nigerians out of poverty

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Currently, A bill to make the Nigeria Youth Investment Fund (NYIF) a permanent programme is at the national assembly, if passed into law, it will be a continuous exercise, where youths within the age of 18 to 35 can apply for a loan, and get immediate approval, Youth and Sports Minister-Sunday Dare added

The Federal Government has agreed to spend a whooping sum of N75B on the Nigeria Youth Investment Fund- A move that will reduce poverty among, if well managed-Lai Moh’d ( Information Minister)

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The Federal Government during the weekend has agreed to expand the coast of the Nigeria Youth Investment Fund, by projecting to spend N75B till 2023, it will make the president avail much for the Nigerian youths

Below are steps to access the facility and all you need to know about the scheme.

How to access loan

  • Must be a citizen of Nigeria
  • Present recognized means of identification and guarantors.
  • Potential beneficiaries are expected to have a fundable business idea.
  • Registered business

How to Qualify

  • It is meant to cater to the investment needs of those 18-35.
  • An individual and group can apply for the loan.

Who funds it:

  • Ministry of Finance, Budget, and National Planning (MFBNP)
  • Central Bank of Nigeria (CBN) will provide the financing to kick-start the Nigeria Youth Investment Fund (NYIF).

Loan range

According to Nairamerics “The Loan, whose aim is to meet 500, 000 youths from 2020-2023, ranges approval will range from N250, 000 to N50m with a spread across group applications, individual applications, working capital loan set as one year and term loan set at three years with a single-digit interest rate of 5%.

A minimum of N25 billion each year in the next 3 years, totaling N75billion will be required to ring-fence the NYIF. For the remaining parts of 2020, N12.5 billion will be needed to kick start the NYIF. It is expected that successive governments will keep the fund alive”

Disbursement

It would be disbursed through various channels like

  • Micro Credit Organizations across the country under the Central Bank of Nigeria supported:
  •  Bank of Industry
  • Fintech Organizations and
  • Venture Capital Organizations registered with the CBN.

Click here to Apply and Access funds

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