Minister of Youth and Sports Development, Sunday Dare, on Thursday,
launched the N75 billion Nigeria Youth Investment Fund (NYIF) recently
approved by Federal Government.
Dare said at the launch of the application for the fund in Abuja that
the NYIF underscored the importance placed on youths by the current
administration
He said that the fund would be spread over three years to cater to
youth-owned businesses and investment needs.
He added that “I must mention the support we enjoyed from the Central
Bank of Nigeria (CBN), which in line with 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 five percent per annum.
He explained that any youth who wished to apply as an individual, or a
non-registered business could draw up to N250,000.
He added that the youth-owned registered businesses could apply for up
to N3 million.
Dare said that the loans are with a tenor of five years and a moratorium
of up to 12 months.
“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,” he said.
According to the minister, the application is available online on NIRSAL
Microfinance Bank’s site — www.nmfb.com.ng.
“Applicants can also visit our website on — www.youthandsport.gov.ng and
www.noya.ng,” he said.(NAN)