The Nigerian Youth Investment Fund (NYIF), established by President Muhammadu Buhari is not just another contract, stipend, empowerment programme or any of the other palliative measures used by the government in past times.
This is quite different as it has been designed to invest in the innovative ideas, skills, talents and enterprise of Nigerian Youths to aid them to become successful entrepreneurs, wealth creators and employers of labour contributing to national development.
If you are looking for where and how to apply for the 75Billion Nigerian Youth Investment Fund search no more. We have you covered. Kindly keep reading to get more information on the application portal and requirements.
IN THIS ARTICLE
About The Nigerian Youth Investment Fund (NYIF)
The President Buhari led Federal Government considers Nigerian youths as resources to be harnessed and not a problem. Hence, the Federal Executive Council on Wednesday, July 22, 2023 approved the establishment of the Nigerian Youth Investment Fund, NYIF.
The Fund was designed to serve as a propeller to unleash the potential of the youths and enable as many of them as possible build businesses that will make them self-employed and employers of labour and in turn empower others. A multiplier effect of economic expansion and growth required to thrive in an increasingly competitive and connected world where adding value is the only sustainable pathway to success is expected to be achieved.
Features Of The NYIF
- A minimum of N25 billion each year in the next 3 years, totalling N75Billion will be required for the NYIF. For the remaining part of 2023, an initial sum of N12.5 billion will be needed to kick start the NYIF. It is expected that successive governments will keep the Fund, cognate to a Youth Bank, alive.
- The Nigerian Youth Investment Fund (NYIF) is meant to strictly cater to the investment needs of persons between the ages of 18 and 35 years. It is a restricted Fund that can only be used for the set purpose of Youth Investment.
- NYIF will join some Youth-oriented programmes President Buhari has created to fight youth unemployment in the country to drive innovation, fuel the creation of entrepreneurship and support youth SMEs.
- NYIF is set to provide one single window of Investment Fund for the youths. This means that one common bucket has been created for all Nigerian youth to access Government support.
- The fund aims to reach 500,000 youth every year between 2023 and 2023.
- Fund approval will be from N250,000 to N50,000,000.
- The funding will cut across group applications and individual applications. Working capital loans will have a 1-year single digit interest rate of 5% while long term loans will attract 3 years single digit interest rate of 5%.
- The funding will be one single-digit facility with a moratorium for one year and you will pay back within a period of time.
- The money will be given through various channels, like Micro Credit Organizations across the country under the Central Bank of Nigeria plus BOI, Fintech Organizations and Venture Capital Organizations, which are registered with the CBN.
- NYIF will use disbursement frameworks which have been proven to work but with special conditions with respect to the youth. Residual advisory facility for applicants and beneficiaries will also be given to applicants.
- NYIF will invest in businesses which have deeper value than only money. Such business must be viable and must meet all laid down criteria to ensure that the funds continue to expand and serve as a production factory for businesses.
How To Apply For Nigerian Youth Investment Fund, NYIF Loan 2023
To know how you can apply for the 75 Billion Nigerian Youth Investment Fund (NYIF) Loan, please read on.
The Central Bank of Nigeria (CBN) in conjunction with the Ministry of Finance, Budget and National Planning (MFBNP) will provide the financing needed to kick-start the Nigeria Youth Investment Fund (NYIF).
Disbursement of the Nigerian Youth Investment Fund (NYIF) Loan will be through various channels, which will include Micro Credit Organizations under the Central Bank of Nigeria supported by BOI, Fintech Organizations and Venture Capital Organizations, registered with the Central Bank of Nigeria (CBN).
NYIF Loan Application Requirements
Youth seeking to benefit from the 75 Billion Nigerian Youth Investment Fund must have the following;
- Be a Nigerian citizen.
- Fundable business idea
- Registered business
- Present recognized means of identification and guarantors.
- Must not be younger than 18 years or older than 35 years.
The fund has been safeguarded such that one does not need to know someone or be connected before they can get access to funds. The Government means to prove to the youths that equity is possible regardless of gender, ethnicity or religion.
You simply have to be a Nigerian within 18–35 years with a bankable business plan. The investment will be supported on the strength of the business case and will follow a scoring template and a transparent evaluation process driven largely by technology. NYIF will also have a template which they will use to engage and accommodate youths who are not very educated but have brilliant ideas.
Visit this page often to be updated about when the FG starts receiving applications for the 75 Billion Nigerian Youth Investment Fund NYIF Loan.
Ask your questions in the comment box below where you need clarification. We will get back to you as soon as possible.