President Muhammadu Buhari-led Federal Government has commenced an application for the N75 billion Nigeria Youth Investment Fund (NYIF).
This was disclosed on Thursday, October 15, by the Federal Ministry of Youth and Sports Development via its official Twitter handle.
The Minister of Youth and Sports Development, Sunday Dare, explained that the NYIF underscored the importance placed on youths by the current administration.
Dare said that the fund, which is an initiative of the Federal Ministry of Youth and Sports Development and funded by the Central Bank of Nigeria (CBN), would be spread over 3 years to cater to youth-owned businesses and investment needs.
According to him, “I must mention the support we enjoyed from the Central Bank of Nigeria (CBN), which in line with the President’s directive, provided the initial N12.5 billion required for the Fund to operate in the remaining part of the year 2020.
“We are also grateful that the Ministry of Finance, Budget and National Planning has on its part, committed to providing the next tranche of the fund in the 2021 budget.
“Our commitment to seeing the youth succeed is such that the loan is bundled with training that will ensure business sustainability for successful applicants.
“It is my belief that the fund will grow to become a permanent feature of our society, where beneficiaries run successful businesses and repay the loans.”
The minister, however, said the application is available on the Nigeria Youth Investment Fund Application Portal on NIRSAL Microfinance Bank’s site, www.nmfb.com.ng; and the ministry’s website, www.youthandsport.gov.ng or www.noya.ng.
He added that the loan, provided under the NYIF, has an interest rate of 5% per annum and a tenor of 5 years with a moratorium of up to 12 months.