News & Politics
Federal Government Kicks Off Applications for Youth Investment Fund
Nigerian Youth Investment Fund(NYIF) is a government initiative created to improve the Nigerian economy through access to finance for youths. The fund will enable youths to establish businesses leading to a decline in the unemployment rate. The Minister of Youths and Sports Development, Mr Sunday Dare, kicked off the application for the Nigeria Youth Investment […]
Nigerian Youth Investment Fund(NYIF) is a government initiative created to improve the Nigerian economy through access to finance for youths. The fund will enable youths to establish businesses leading to a decline in the unemployment rate.
The Minister of Youths and Sports Development, Mr Sunday Dare, kicked off the application for the Nigeria Youth Investment Fund in Abuja on Thursday. This was disclosed in a statement titled ‘Minister flags off an application for Nigeria Youth Investment Fund’.
It is my pleasure to address you as we record yet another milestone in our drive to increase the government’s investment in our youths, who we recognise as assets and not problems.
This mindset is the impetus that propelled us to approach the Federal Executive Council to approve the Nigeria Youth Investment Fund as a ring fenced fund for the Nigerian youth, our sort of a youth bank
The Federal Executive Council on July 22, 2020, thus approved the Nigeria Youth Investment Fund to the tune of N75bn spread over three years to cater to youth-owned businesses and investment need.
- Official Government Identification
- Applicant must be between the ages of 18 and 35 years old
- Notarized Guarantor Forms
- Passport photographs
- Bank Verification Number
- Training Certificate
- Fundable business idea
- Registered business
- Nigeria Citizenship
- NYSC certificate for graduates
The loan provided under NYIF has an interest rate of five per cent per annum. Youths applying as individuals or non-registered businesses would be able to draw up to N250,000, while youth-owned registered businesses could apply for up to N3 million. The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending(NIRSAL) was selected as a disbursement agency.
