The Federal government has concluded the plan to kickstart the Nigerian Youth Investment Fund (NYIF) in 2021, President Muhammadu Buhari made the announcement while presenting the 2021 budget estimate to a joint session of the National Assembly.
In his speech, President Buhari said: “We have also recently introduced the N75 billion Nigerian Youth Investment Fund, of which N25 billion have been provided in 2021 Budget”. The Federal government had on July 22, 2020, approved the establishment of the Nigerian Youth Investment Fund, NYIF, a dedicated fund aim at investing in innovative ideas, skills, talents, and enterprise of the Nigerian Youth and aimed at turning them into Entrepreneurs, wealth creators and employers of labour contributing to national development.
The fund is targeted at Supporting 500,000 youth annually, it will be given at an Interest Rate of 3 Percent. The NYIF funding is strictly to cater to the investment needs of persons between the ages of 18 and 35 years old.
Fund approval will range from N250,000 to N5,000,000 with a spread across group applications, individual applications, working capital loans set at 1 year, and term loans set at 3 years