N75 Billion Nigerian Youth Investment Fund: What You Should Know
The Nigerian government recently approved the establishment of a N75 billion Nigerian Youth Investment Fund (NYIF) to support youth-driven enterprises amongst Nigerian youths between the ages of 18 and 35.
The NYIF program is intended to drive innovation, encourage entrepreneurship, and provide support for youth created SMEs.
In order to get access to the loan, potential beneficiaries should meet the following criteria:
* Must be a citizen of Nigeria
* Have a fundable business idea
* The potential beneficiary should have a registered business
* Possess recognized means of identification and guarantors.
Also, the Ministry of Youth and Sports claim that the safeguards built around some specifics being crafted around the fund will ensure that potential beneficiaries do not need to know anyone or be “connected” to access the fund.
Loan range
The Loan, whose aim is to meet 500, 000 youths from 2020-2023, ranges approval will range from N250, 000 to N50 million. The working capital loan is set as one year, and the term loan is set at 3 years with a single-digit interest rate of 5%.
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.
Read Also: Apply for the University of Lincoln’s £5,000 African Scholarship
Disbursement
Funds would be disbursed through various channels like Micro Credit Organizations across the country under the Central Bank of Nigeria supported by BOI, Fintech Organizations and Venture Capital Organizations registered with the CBN.
Note: All processes are handled by the Ministry of Youth and Sports Development.
To learn more, please visit: https://youthandsport.gov.ng/initial-information-sheet-about-the-nigerian-youth-investment-fund-nyif/