President Buhari Says N75bn NYI Fund to Help Nigerian Youths
President Muhammadu Buhari on Wednesday said the recently established a N75 billion Nigerian Youth Investment Fund (NYIF) will create more opportunities for the youths.
The President disclosed this in a tweet posted on his official Twitter handle@MBuhari.
The fund was established in July following approval from the Federal Executive Council.
The tweet reads, “We recently established a 75 billion Naira Nigerian Youth Investment Fund (NYIF), as part of our commitment to creating opportunities for the youth of Nigeria. On this occasion of International Youth Day, I urge all our young people to take advantage of these opportunities.”
The Ministry of Finance, Budget and National Planning and the Central Bank of Nigeria will kick start the project for 2020, according to the details released by the government.
The two institutions would prove a minimum of N25 billion each year for three years, totalling N75 billion. For the remaining part of 2020, only N12.5 billion will be made available.
The Fund, which was set up to address financial needs of 500,000 youths from 2020-2023, approval will range from N250,000 to N50 million 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 percent.
Who Can Access the NYIF
- Owners of a fundable business idea
- Registered business owners
- A citizen of Nigeria
- Hold a recognisable identification and guarantors
- Be between the age of 18 and 35.
