Application Portal For N75bn Nigeria Youth Investment Fund Now Open (Apply)

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Sunday Dare, Minister of Youth and Sports
Application Portal For N75bn Nigeria Youth Investment Fund Now Open (Apply) - Vantage News Nigeria
Sunday Dare, Minister of Youth and Sports

The Federal Government said it has opened the application portal for the N75 billion Nigeria Youth Investment Fund.

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.

At the launch, The Minister, Sunday 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.

The Minister said 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.

He explained that any youth who wished 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.

Giving an update on the programme today, Presidential media aide, Bashir Ahmad tweeted that the NYIF application portal is is officially opened for registration.

He advised youths (18-35 yrs) with business ideas that require funding to apply for N250,000 – N5,000,000. Visit nyif.nmfb.com.ng for more details.

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