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When the Federal Government approved the establishment of the N75 billion Nigerian Youth Investment Fund (NYIF), hundreds of thousands young Nigerians were excited about the innovation. They believe it could reduce the increasing unemployment rate, which has been worsened by the COVID-19 pandemic, in the country.
However, most of them are ignorant of how to access the investment fund and the purpose the fund was actually designed to address. Below are steps to access the facility and all you need to know about the scheme.
How to access loan
- Potential beneficiaries are expected to have a fundable business idea.
- Registered business
- Must be a citizen of Nigeria
- Present recognised means of identification and guarantors.
- Also, the Ministry of Youth and Sports claim that the safeguards built around some specifics being crafted around the fund will ensure that potential beneficiaries do not need to know anyone or be “connected” to access the fund.
Note: All processes are handled by the Ministry of Youth and Sports Development.
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Who qualifies?
It is meant to cater to the investment needs of those 18-35. An individual and group can apply for the loan.
Who provides fund:
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).
Loan range
The Loan, whose aim is to meet 500, 000 youths from 2020-2023, ranges approval will range from N250, 000 to N50m with a spread across group applications, individual applications, working capital loan set as one year and term loan set at three years with a single-digit interest rate of 5%.
A minimum of N25 billion each year in the next 3 years, totalling N75billion will be required to ring-fence the NYIF. For the remaining parts of 2020, N12.5 billion will be needed to kick start the NYIF. It is expected that successive governments will keep the fund alive.
Disbursement
It would be disbursed through various channels like Micro Credit Organisations across the country under the Central Bank of Nigeria supported by BOI, Fintech Organisations and Venture Capital Organisations registered with the CBN.
Why it is different
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 less cumbersome access to credit and finance for the average Nigerian youth and help lift thousands of the youth out of poverty and birth a whole generation of entrepreneurs.
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Last Wednesday, Nairametrics reported that the Federal Executive Council approved the establishment of a N75 billion NYIF to support enterprise among 68 million Nigerian youths between ages 18 and 35.
The Minister of Youth and Sports Development, Sunday Dare, explained that the funds will not just be randomly distributed among youths, but will be used to assist the most qualified ones with genuine business ideas.
“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,” he said.
He explained that qualified youths who fall within the stipulated age bracket and have genuine business ideas “can approach any of the 125 micro-credit banks across the country to access it.
The minister added that the fund is meant to create a special window for accessing credit facilities and financing on the part of youths that will help to fund their ideas, innovations and also support their enterprise.
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Please sir must the business be a registered one. I thought they said business ideas.
Why 28- 35 years alone, some are under 40 years but not eligible, are we not a Nigeria too, how do we benefit from government if this scheme requires age limit, are leats 40 years is still okay
Hello sir precisely which institution can one contact to apply for the loan
Chris
Has it expired? And how can one apply?
How does one access this loan and is it for agricultural business alone?
Why the age constraint? What about persons in their 40s who have been suffering all these while. Please they should extend the eligible age bracket.
Who are the micro credit institutions across the country to be contacted?
Pls sir where did we accesses the loan form
Sir who are the micro credit institutions across the country
how can we access it sir
I have been to sport and youth in ijebu ode stadium and i was directed to MKO Abiola stadium at Abeokuta but they said that they have not see any circular for loan. Pls if throughly they want the youth to benefit from this loan. They should direct us properly before it’s closed. Thanks
How and where can we find the micro credit institute in Nigeria
Pls how can I go about the application of this loan? I have an existing business
Sir, can’t the age bracket be extend to 40s. Pls kindly direct me to relevant govt. Agencies to could support me with fund to expand my crops farm
pls how can I go about the application of this loan? I have an existing Busines
This will be a good and a welcome development and I also Thank the government for doing this for us,,, But when are we getting it or when are we going to fill the form, Thanks,
Pls can have a list of the institutions in charge of disbursement of this loan, so as to enable us take the right steps
6 months is too small to repayment of 5000000
Good morning I hope y’all feel better in respect to what the FG wants for his people with business ideas and the requirements said it had to be registered to be real we have all the business ideas to make more to our future Nigeria . We don’t have the capital to start up the business talk more to register so I will say for myself now my business idea are not register .so please the FG should give a room for registration even online or coming to a designated Area thank you for your understanding I will real love to have a big dream business for my country Nigeria .unity peace
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