The Federal government has officially unveiled the registration portal for the N75 Billion Nigeria Youth Investment Fund (NYIF), thereby paving the way for interested young Nigerians between the age of 18-35 years old to apply.
Nigeria Youth Investment Fund
Once you are among the Successful applicants, you will undergo 5 days of compulsory online training which is free. Fund approval will range from N250,000 to N5,000,000 with a spread across group applications, individual applications, working capital loans set at 1 year, and term loans set at 3 years.
Requirement Needed For The Application
• Residential Address
• Geo-Political Zone
• State of Origin
• Educational Level
• Select Preferred Training Center
• How did you hear about NYIF?
The minister said disbursement of the fund will be through various channels, which will include microcredit organisations across the country the CBN supported by the Bank of Industry, fintech organisations and venture capital organisations registered with the CBN.
According to him, the ministry of finance, budget and national planning and the CBN will provide the initial financing for NYIF, while youth seeking to benefit from the fund must have genuine business ideas and registered business entities.
How To Apply
Youth with business ideas that require funding can apply for the fund through the following link: https://nyif.nmfb.com.ng/Applicants/New
President Buhari and the Federal Executive Council approved the fund to help the realisation of business ideas of Nigeria’s teeming youthful population.
It is dedicated to investing in the innovative ideas, skills, talents and enterprise of the Nigerian Youth and aimed at turning them into Entrepreneurs, Wealth Creators and Employers of labour contributing to national development.
In approving the fund, Buhari considered Nigerian youth as a resource to be harnessed and not a problem.
“The Fund will serve as a catalyst to unleash the potential of the youth and enable many of them to build businesses that will employ and in turn empower others”, said Gabriel Aduda, the Permanent Secretary, Federal Ministry of Sport and Youth Development.
“A multiplier effect of economic expansion and growth required to thrive in an increasingly competitive and connected world where adding value is the only sustainable pathway to success is expected to be achieved,” Aduda said in the preliminary information about the fund.
According to him, a minimum of N25 billion each year in the next 3 years, totalling N75Billion will be required to ring-fence the NYIF.
“For the remaining part of 2020, an initial sum of N12.5 billion will be needed to kick start the NYIF. It is expected that successive governments will keep the Fund, akin to a Youth Bank, alive.