The federal government of Nigerian has opened the portal for Nigerian youths to access an N75billion youth investment fund.
According to the minister of youth and sports development, the initiative was funded by the central bank of Nigeria.
Sunday Dare, minister of youth and sports development, announced on July 22, that the federal executive council approved the establishment of NYIF to the tune of N75 billion.
The NYIF is committed to funding in the innovative ideas, skills, talents, and business of the Nigerian youth with the intention of turning them into entrepreneurs.
Dare also explained that the funding targets over 500,000 youth yearly.
He said a minimum of N25 billion will be dispensed each year over the next three years, totaling N75 billion.
He also added that the initiative is part of President Muhammadu Buhari’s plan to quell the raising of unemployment in the country.
“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 a single-digit interest rate of 5%,” he said.
The minister said payment of the fund will be through various channels, which will include microcredit companies across the country the CBN licensed by the Bank of Industry, fintech corporations, and venture capital organizations registered with the CBN.
According to him, the ministry of finance, budget, and national planning and the CBN will give the initial financing for NYIF, while youth trying to benefit from the fund must have legitimate business ideas and registered business entities.
He added that such youths must be citizens of Nigeria and must be able to present verified means of identification and guarantors.