The application portal for the N75Bn Nigeria Youth Investment Fund, NYIF is officially open for registration. Youth with business ideas that require funding can apply for the fund through the following link: https://nyif.nmfb.com.ng/Applicants/New
The Federal Executive Council (FEC) of Nigeria approved the establishment of a N75billion Nigerian Youth Investment Fund (NYIF), to be otherwise known as the Youth Bank, to support enterprise among Nigeria’s 68 million youth between 18 and 35.
The Minister of Youth and Sports, Mr. Sunday Dare, said the fund would be created to support enterprises, ideas and innovations evolved by 68 million Nigerian youths, aged between 18 and 35.
According to Dare, the fund is meant to assist qualified candidates with genuine business ideas, and can approach any of the 125 micro credit banks across the country to access it.
He said: “For the first time in the history of Nigeria, the Federal Executive Council today approved the establishment of the Nigerian Youth Investment Fund (NYIF) to the tune of N75 billion.
“This fund is meant to create a special window for accessing credit facilities and financing on the part of our youths that will help to fund their ideas, innovations and also support their enterprise.
“The best way to call it is that for the first time the country will have a youth bank.
“A fund that will cater specifically for our youths within the stipulated age bracket which is going to be between 18 and 35 years.’’
Dare assured that the scheme would not be hijacked by politicians as only genuine candidates would benefit from the funds.
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%.
The Nigerian Youth Investment Fund (NYIF) a ringfenced funding that will strictly cater to the investment needs of persons between the ages of 18 and 35 years old.
To apply for the fund, please visit https://nyif.nmfb.com.ng/