Nigerian Youth Investment Fund application portal, N75BN NYIF loan for Nigerian youths – Facts to know before you apply for the funds.
Nigerian Youth Investment Fund, NYIF established by Nigeria’s President, Muhammadu Buhari is not another contract, stipends, empowerment programme or any of the palliative measures the any other administration has done in the past.
This project is a new project and is different as it will give youths the opportunity to become self starters, entrepreneurs, wealth managers and employer of labour.
The NYIF programme is to invest for the innovative ideas, skills, talents and enterprise of the Nigerian Youth that will turn them into Entrepreneurs.
What You Must Know About NYIF Before You Apply
- Its a minimum of N25 billion each year for the next 3 years, that will make it N75Billion For di remaining part of 2020 they will use N12.5 billion to start the funding.
- The Nigerian Youth Investment Fund (NYIF) is a support fund that will cater for the investments need of people between the age of 18 and 35 years old.
- NYIF will join some Youth-oriented programmes by President Buhari created to fight youth unemployment for in the country to drive innovation, fuel the creation of entrepreneurship and support youth SMEs.
- NYIF will provide one single window of Investment Fund for the youths and so its means that they will create one common avenue for all Nigerian youth to access Government support.
- The aim of the fund is to reach 500,000 youth every year between 2020 and 2023.
- the will spread the funds across group applications, individual applications, working capital loans will get 1 year single digit interest rate of 5%. and term loans will get 3 years single digit interest rate of 5%.
- The funding will be one single digit facility with moratorium for one year and beneficiaries shall pay back within a period of time.
- The money will be given through various channels, like Micro Credit Organizations across the country under the Central Bank of Nigeria, BOI, Fintech Organizations and Venture Capital Organizations, that are registered with CBN.
- NYIF will use disbursement frameworks that they have proved that will work but with special conditions with respect to the youth. They will also give residual advisory facility to applicants and beneficiaries.