{"id":76343,"date":"2020-10-16T04:40:17","date_gmt":"2020-10-16T03:40:17","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=76343"},"modified":"2020-10-16T04:40:17","modified_gmt":"2020-10-16T03:40:17","slug":"ministry-launches-n75b-youth-investment-fund","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/other-news\/ministry-launches-n75b-youth-investment-fund\/","title":{"rendered":"Ministry launches N75b youth investment fund"},"content":{"rendered":"<p>Minister of Youth and Sports Development, Sunday Dare, on Thursday,<br \/>\nlaunched the N75 billion Nigeria Youth Investment Fund (NYIF) recently<br \/>\napproved by Federal Government.<\/p>\n<p>Dare said at the launch of the application for the fund in Abuja that<br \/>\nthe NYIF underscored the importance placed on youths by the current<br \/>\nadministration<\/p>\n<p>He said that the fund would be spread over three years to cater to<br \/>\nyouth-owned businesses and investment needs.<\/p>\n<p>He added that \u201cI must mention the support we enjoyed from the Central<br \/>\nBank of Nigeria (CBN), which in line with President\u2019s directive,<br \/>\nprovided the initial N12.5 billion required for the Fund to operate in<br \/>\nthe remaining part of the year 2020.<\/p>\n<p>\u201cWe are also grateful that the Ministry of Finance, Budget, and National<br \/>\nPlanning has on its part, committed to providing the next tranche of the<br \/>\nfund in the 2021 budget.\u201d<\/p>\n<p>The minister said that the loan provided under the NYIF has an interest<br \/>\nrate of five percent per annum.<\/p>\n<p>He explained that any youth who wished to apply as an individual, or a<br \/>\nnon-registered business could draw up to N250,000.<\/p>\n<p>He added that the youth-owned registered businesses could apply for up<br \/>\nto N3 million.<\/p>\n<p>Dare said that the loans are with a tenor of five years and a moratorium<br \/>\nof up to 12 months.<\/p>\n<p>\u201cOur commitment to seeing the youth succeed is such that the loan is<br \/>\nbundled with training that will ensure business sustainability for<br \/>\nsuccessful applicants.<\/p>\n<p>\u201cIt is my belief that the fund will grow to become a permanent feature<br \/>\nof our society, where beneficiaries run successful businesses and repay<br \/>\nthe loans,\u201d he said.<\/p>\n<p>According to the minister, the application is available online on NIRSAL<br \/>\nMicrofinance Bank\u2019s site \u2014\u00a0<a href=\"http:\/\/www.nmfb.com.ng\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=http:\/\/www.nmfb.com.ng&amp;source=gmail&amp;ust=1602905185487000&amp;usg=AFQjCNGurC2d4tZ7WYFwLEkujpk-8qm0hA\">www.nmfb.com.ng<\/a>.<\/p>\n<p>\u201cApplicants can also visit our website on \u2014\u00a0<a href=\"http:\/\/www.youthandsport.gov.ng\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=http:\/\/www.youthandsport.gov.ng&amp;source=gmail&amp;ust=1602905185487000&amp;usg=AFQjCNHh1btQMhc7HXDQEaOR5PmGezQ4OA\">www.youthandsport.gov.ng<\/a>\u00a0and<br \/>\n<a href=\"http:\/\/www.noya.ng\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=http:\/\/www.noya.ng&amp;source=gmail&amp;ust=1602905185487000&amp;usg=AFQjCNHo2KeVbJN0vzQSU7DzuFd-RtUcww\">www.noya.ng<\/a>,\u201d he said.(NAN)<\/p>\n<div class=\"yj6qo\"><\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>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&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":76345,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-76343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ministry launches N75b youth investment fund - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/other-news\/ministry-launches-n75b-youth-investment-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ministry launches N75b youth investment fund - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"Minister of Youth and Sports Development, Sunday Dare, on Thursday, launched the N75 billion Nigeria Youth Investment Fund (NYIF) recently approved by Federal Government. 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