NYIF Receives Over One Million Applications: Presidency Plans “NationalYouthDay”
NYIF Receives Over One Million Applications: Presidency Plans “NationalYouthDay”: “Over a million applications have already been received since the 75 billion Naira Nigeria Youth Investment Fund (NYIF) Portal went live on Oct 12, 2020. This Fund will invest in the innovative ideas, skills and talents of young Nigerians”
Successful applicants of the Nigeria Youth Investment Fund will start receiving Email congratulating and preparing them for the next round of the programme
Mr. Laolu Akande, the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, made this known today in a virtual meeting
All successful applicants will be required to take a-5 day online training without pay, and six geo-politcal regions will be training grand for physical training
These regions includes North Central States, North Easthern States, North Western States, South-South, Souh East and South Western States
FG Apporves N75B-Access NYIF Now
The Federal Government has approved the sum of 75 Billion Naira for the immediate take-off the Nigerian Youth Investment Fund (NYIF)
How to Access new N75 billion
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
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, totalling N75billion will be required to ring-fence the NYIF. For the remaining parts of 2020, N12.5 billion will be needed to kick starts the NYIF. It is expected that successive governments will keep the fund alive.
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).
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.
Access Fund Here