More detailed has emerged on how the Nigerian Youth Investment Fund (NYIF) will be disbursed. The Loan which targets to Support 500,000 Youth Annually, will be given at an Interest Rate of 3 Percent.
Below are Ten Things To Know About The Nigerian Youth Investment Fund (NYIF)
1. The Federal Executive Council on Wednesday July 22, 2020 approved the establishment of the Nigerian Youth Investment Fund, NYIF, dedicated to investing in the 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.
2. A minimum of N25 billion each year in the next 3 years, totaling N75 Million will be required to ring fence the NYIF. For the remaining part of 2020 an initial sum of N125 billion will be needed to kick start the NYIF. It is expected that successive governments will keep the fund alive.
3. The Nigerian Youth Investment Fund (NIF) a ringfenced funding that will strictly cater to the investment needs of persons between the ages of 18 and 35 years old.
4. NYIF joins the slew of youth focused programs already in place by the Muhammadu Buhari led Federal Government as part of a National Plan to combat youth unemployment and drive innovation, fuel entrepreneurship as well as support youth SMES.
5. NYIF provides a single window of Investment Fund for the youth thereby creating A common bucket for all Nigerian youth to access Government support. Providing a less cumbersome access to credit and finance for the average Nigerian youth with an approved work plan or business idea will help lift thousands of the youth out of poverty and birth a whole generation of entrepreneur
6. The fund aims to reach 500,000 youth annually between 2020 and 2023. Each fund approval will range from N250,000 to N 50000000 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 3%
7. Disbursement will be through various channels, which will include Micro Credit Organizations across the country under the Central Bank of Nigeria supported by BOL Fintech Organizations and Venture Capital Organizations, registered with the CBN
8. The Ministry of Finance, Budget and National Planning (MFBNP) and the Central Bank of Nigeria (CBN) will provide the financing to kick-start the Nigeria Youth Investment Fund (NYIF).
9. The Ministry of Youth and Sports Development handle the processes for setting up the fund by inaugurating a Board of Trustees Committee under the leadership of the Minister for Youth and Sports Development and possibly work on legislation of the Nigeria Youth Investment Fund (NYIF)
10. Youth seeking to benefit from the fund must have a fundable business idea, registered business, be a citizen of Nigeria, present recognized means of identification and guarantors