By Adedapo Adesanya
On Thursday, October 15, 2020, the Federal Ministry of Youth and Sports Development flagged off the application for the N75 billion Nigeria Youth Investment Fund (NYIF) recently approved by the federal government.
Speaking at the launch, the Minister of Youth and Sports Development, Mr Sunday Dare, said that the NYIF underscored the importance placed on youths by the current administration.
The Minister said that the fund, which is an initiative of his ministry but funded by the Central Bank of Nigeria (CBN), would be spread over 3 years to cater for youth-owned businesses and investment needs.
Mr Dare stated, “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.’’
The Minister said that the loan, provided under the NYIF, has an interest rate of 5 per cent per annum and a tenor of 5 years with a moratorium of up to 12 months.
He explained that any youth who wishes to apply as an individual or a non-registered business could draw up to N250,000, while youth-owned registered businesses could apply for up to N3 million.
Going further, he said, “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.”
How to Apply
The application is available on the Nigeria Youth Investment Fund Application Portal on NIRSAL Microfinance Bank’s site.
To access the webpage, visit https://nyif.nmfb.com.ng/Applicants/New and provide the following: your first name, middle name, last name (surname), and Bank Verification Number (BVN) to start the process.
Dipo Olowookere