The portal for Nigerians to apply for its N75 billion youth investment fund has been opened by the federal government.
The initiative, announced by the Minister of Youth and sport development, Sunday Dare on July 22 took effect today.
The initiative – NYIF to the tune of N75 billion is being funded by the Central Bank of Nigeria (CBN).
The NYIF is dedicated to investing in the innovative ideas, skills, talents and enterprise of the Nigerian youth with the aim of turning them into entrepreneurs.
According to Dare, 500,000 youths are expected to benefit from the funding targets.
According to him, a minimum of N25 billion will be disbursed each year over the next three years, totalling N75 billion.
Dare noted that an initial sum of N12.5 billion will be needed to commence the NYIF, for the remaining part of 2020.
He added that the initiative, which is part of President Muhammadu Buhari’s plan to address unemployment in the country, will be sustained by successive governments.
“The fund aims to reach 500,000 youth annually between 2020 and 2023. Each fund approval will range from N250,000 to N50,000,000, with a spread across group applications, individual applications, working capital loans set at 1 year and term loans set at 3 years with single digit interest rate of 5%,” he said.
Mr Dare explained that they would be employing various channels to disburse the funds.
He said the channels would include micro credit organisations across the country the CBN supported by the Bank of Industry, fintech organisations and venture capital organisations registered with the CBN.
Dare further said the ministry of finance, budget and national planning and the CBN will provide the initial financing for NYIF, while youth seeking to benefit from the fund must have genuine business ideas and registered business entities.
He noted only citizens are allowed to partake, adding that they must be able to provide recognised means of identification and guarantors.
Interested applicants can access the registration portal via this link.