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Nigerian Youth Investment Fund (N-YIF) 2020-2023 Application

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 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.
  • NYIF 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 a 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 handle 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 legislation of the Nigeria Youth Investment Fund (NYIF).

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 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/

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