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The federal government portal for application of the anticipated N75 billion Nigeria Youth Investment Fund (NIYF) is now open.
The Minister of Youth and Sports Development, Sunday Dare in July announced the approval of the Youth Investment Fund by the federal executive council, however, the application only commences now with an initial sum of N12.5 billion for the rest of 2020.
Application is simple – Just log into the application portal and provide your personal information along with Bank Verification Number, BVN.
It is important to note that application is only open to citizens especially those who have valid identification and guarantors.
The only condition attached to the NYIF is having genuine business ideas and registered business entities. The Central Bank of Nigeria (CBN) is funding the initiative as a commitment to investing in the Nigerian youth.
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It aims to turn skilled, talented and innovative people to entrepreneurs. The ministry of finance, budget and national planning is also contributing to the NYIF.
The fund is scheduled to go out in quarters to 500 000 youths annually for three years which will amount to 75 billion according to Dare. The NYIF loan has a yearly interest rate of 5%.
NYIF is part of President Muhammadu Buhari’s plan to tackle unemployment in the country. Therefore the initiative will receive sustenance from successive governments.
The initiate is also making it easy for youths to access the fund with the use of registered microcredit, fintech, and venture capital organisations.
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