HOW TO ACCESS THE NEW N75 BILLION NIGERIA YOUTH INVESTMENT FUND
When the Federal Government approved the establishment of the N75 billion for the Nigerian Youth Investment Fund (NYIF). Nigerians YOUTH were excited about the innovation. They believe it could reduce the increasing unemployment rate, which has been worsening by the COVID-19 pandemic, in the country.
Nevertheless, below are steps to access the facility, and all you need to know about the scheme.
- You must have a fundable business idea.
- Register your business.
- Must be a Nigerian.
- Should have a valid means of identification.
- Ensure you are a youth between 18-35 of age.
HOW TO GET THIS FUND?
- Ministry of Youth and Sports Development.
- Individual or Group of the registered bodies of youths.
- Ministry of Finance.
- Budget and National Planning (MFBNP).
- The Central Bank of Nigeria (CBN).
ALL THE ABOVE WILL KICK-START THE NIGERIA YOUTH INVESTMENT FUND (NYIF)
- A range from N250,000 to N5,000,000 with the spread across the group applications with a 5% interest rate for 3 years.
- This will be for 3 years span with N25,000,000,000 for each year’s physical plan by the Federal Government of Nigeria through all the ministries as stated above.
- The Minister of Youth and Sports Development, Sunday Dare, explained that the funds will not just be randomly distributed among youths, but will be used to assist the most qualified ones with genuine business ideas.
- “For the first time in the history of Nigeria, the Federal Executive Council today approved the establishment of the Nigerian Youth Investment Fund (NYIF) to the tune of N75 billion,” he said.
- He explained that qualified youths who fall within the stipulated age bracket and have genuine business ideas “can approach any of the 125 micro-credit banks across the country to access it.
- The minister added that the fund is meant to create a special window for accessing credit facilities and financing on the part of youths that will help to fund their ideas, innovations and also support their enterprise.
FOR FURTHER DETAILS/SOURCE/REFERENCES: Nairametrics