The federal government says that it has opened a portal for Nigerians to apply for its youth investment fund of N75 billion.
The Youth and Sports Ministry program is being sponsored by the Central Bank of Nigeria ( CBN).
On July 22, the Minister of Youth and Sports Development, Sunday Dare, declared that the Federal Executive Council had approved the existence of a NYIF of N75 billion.
In order to transform them into entrepreneurs, the NYIF is committed to investing in the new innovations, expertise, talents and businesses of Nigerian youth.
Dare had explained that 500,000 young people annually are targeted by the funding.
He said a minimum of N25 billion will be disbursed each year for the next three years, totalling N75 billion.
Dare said an initial sum of N12.5 billion will be required for the remaining part of 2020 in order to start the NYIF.
He added that the program, which is part of President Muhammadu Buhari ‘s strategy to resolve unemployment in the region, would be sustained by successive governments.
Around 2020 and 2023, the fund seeks to meet 500,000 young people annually. The approval of each fund will range from N250,000 to N50,000,000, with a spread across group applications, individual applications, 1-year working capital loans and 3-year term loans with a single-digit interest rate of 5%, he said.
The Minister announced that the disbursement of the fund would take place through numerous networks, including CBN-supported micro credit organizations throughout the world, Fintech organizations and CBN-registered venture capital organizations.
According to him, initial funding for NYIF would be provided by the Ministry of Finance, Budget and National Planning and the CBN, while young people aspiring to benefit from the fund must have legitimate business ideas and registered business entities.
He added that they must be Nigerian citizens and must be able to provide recognized means of identification and guarantors.
Interested applicants can access the registration portal through this Link.