NYIF To Disburse N12.5B: 41,000 Beneficiaires To Get 300,000 Each -FG
The Federal Government has released N12.5B to be disbursed to beneficiaries of the Nigeria Youth Investment Fund (NYIF), 41,000 Beneficiaires to get 300,000 each in the first tranche of disbursement
The Federal Government further explained why it is giving a limiting sum of 300,000 naira to 41,000 beneficiaires.
In a drive to expand the Nigeria Youth Investment Fund (NYIF), thousands of youths will be covered in the programme, and 300,000 naira will be given
N75B was earmarked for the Nigeria Youth Investment Fund (NYIF), but only N12.5B will be disbursed for now
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).
The Loan, whose aim is to meet 500, 000 youths from 2020-2023, range 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.
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.
Why it is different
NYIF provides a single-window of Investment Fund for the youth thereby creating a common bucket for all Nigerian youth to access Government support.
Providing less cumbersome access to credit and finance for the average Nigerian youth and help lift thousands of the youth out of poverty and birth a whole generation of entrepreneurs.