APPLICATION FOR NIGERIAN YOUTH INVESTMENT FUND 2020-2023 BEGINS
This is to announce to the general public that the Federal Government of Nigeria has released the application link to access the Nigerian Youth Investment Fund (NYIF). This fund is aimed at supporting innovative Nigerian youths between the ages of 18 – 35.
It would be recalled that sometimes in August, the Minister of Youth and Sports Development, Mr. Sunday Dare had announced the approval by President Muhammadu Buhari of a 75 billion naira fund for the project which was scheduled to last for three years, with an expected disbursement of at least N25 billion per year.
The Nigerian Youth Investment Fund (N-YIF) was approved by the Federal Executive Council (FEC) on July 22, 2020. This scheme is meant to run from 2020 to 2023.
The N-YIF is dedicated to investing in the innovative ideas, skills, talents, and enterprises of Nigeria youths.
The programme handled by the Ministry of Youths and Sports is aimed at reaching 500,000 youths between 2020 and 2023
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Here are some of the facts about The Nigerian Youth Investment Fund (N-YIF):
- It is an initiative of the Federal Government meant to improve the youths. It is meant to improve the skills, talent, and enterprises of youths.
- The N-YIF is meant to cater for the investment needs of those 18-35.
- The Ministry of Finance, Budget and National Planning (MFBNP) and the Central Bank of Nigeria (CBN) will provide the financing to kick-start the Nigeria Youth Investment Fund (NYIF).
- Youths seeking to benefit from the N-YIF must have a means of identification, a registered business, and guarantors.
- The fund aims to meet 500, 000 youths from 2020-2023. Each fund 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%.
- Disbursement will be through various channels, including Micro Credit Organisations across the country under the Central Bank of Nigeria supported by BOI, Fintech Organisations and Venture Capital Organisations registered with the CBN.
- N-YIF joins the slew of youth-focused programs already in place by the Muhammadu Buhari led 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. Providing less cumbersome access to credit and finance for the average Nigerian youth with an approved work plan or business idea will help lift thousands of the youth out of poverty and birth a whole generation of entrepreneurs.
- 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.
- The Ministry of Youth and Sports Development handles the processes for setting up the fund by inaugurating a Board of Trustees Committee under the leadership of the Minister for Youth and Sports Development and possibly work on the legislation of the Nigeria Youth Investment Fund (NYIF).
What is the Age Requirement for Nigerian Youth Investment Fund (N-YIF) 2020 – 2023?
To apply for the ongoing Nigerian Youth Investment Fund (N-YIF) 2020 – 2023 you need to be between 18 – 35years of age.
How to apply
To apply for the Nigerian Youth Investment Fund (N-YIF) scheme you need to visit this page regularly on entering your email below so we can send you to update relating to the N-YIF scheme.
Deadline for The Nigerian Youth Investment Fund (N-YIF) Application
Please note that no date has been fixed yet.
Enter your email below to get Nigerian Youth Investment Fund (N-YIF) update
Source: https://thenationonlineng.net/10-facts-about-nigerian-youth-investment-fund-n-yif/