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ALERT: You can now register for FG’s N75bn youth investment fund

ALERT: You can now register for FG’s N75bn youth investment fund
October 15
04:09 2020

The federal government says it has opened the portal for Nigerians to apply for its N75 billion youth investment fund.

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The initiative of the ministry of youths and sports is being funded by the Central Bank of Nigeria (CBN).

On July 22, Sunday Dare, minister of youth and sports development, announced that the federal executive council approved the establishment of NYIF to the tune of N75 billion.

The NYIF is dedicated to investing in the innovative ideas, skills, talents and enterprise of the Nigerian youth with the aim of turning them into entrepreneurs.

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Dare had explained that the funding targets 500,000 youth annually.

He said a minimum of N25 billion will be disbursed each year over the next three years, totalling N75 billion.

Dare said for the remaining part of 2020, an initial sum of N12.5 billion will be needed to commence the NYIF.

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He added that the initiative, which is part of President Muhammadu Buhari’s plan to address unemployment in the country, will be sustained by successive governments.

“The fund aims to reach 500,000 youth annually between 2020 and 2023. Each fund approval will range from N250,000 to N50,000,000, 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 5%,” he said.

The minister said disbursement of the fund will be through various channels, which will include micro credit organisations across the country the CBN supported by the Bank of Industry, fintech organisations and venture capital organisations registered with the CBN.

According to him, the ministry of finance, budget and national planning and the CBN will provide the initial financing for NYIF, while youth seeking to benefit from the fund must have genuine business ideas and registered business entities.

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He added that such persons must be citizens of Nigeria and must be able to provide recognised means of identification and guarantors.

Interested applicants can access the registration portal via this link.

25 Comments

  1. Bangis
    Bangis October 15, 09:05

    Fantastic

    Reply to this comment
  2. Von Yougha
    Von Yougha October 15, 18:27

    This fund will enable me establish a good rice farm, poultry and fish farm. So I appeal that I should be considered.

    Reply to this comment
  3. Phina
    Phina October 15, 18:53

    Great the leaders of Nigeria

    Reply to this comment
    • Ovedje stev
      Ovedje stev October 16, 09:24

      I think this is a great step of empowerment to the youth, this is what we all have been expecting from our leaders, and with this there will be less crime in the country

      Reply to this comment
  4. Wealth
    Wealth October 15, 21:18

    This fund will really empower we the youths.
    God bless Nigeria

    Reply to this comment
  5. Namadi
    Namadi October 15, 21:44

    I need the money for business with self reliance

    Reply to this comment
  6. Dorddy
    Dorddy October 16, 06:37

    Please, the application Portal is not functioning optimally.

    Reply to this comment
  7. Nwugo or favour
    Nwugo or favour October 16, 20:15

    The application process/form is not here, it’s not functional. Hope this is not another mind game politics that you’re bringing in.

    Since , over six years I graduated, no work , no money to start up business. Am only surviving by his grace through online marketing that comes in once in a while. If the government can hear our cry more especially me , I’ve learnt alot OF businesses/skilss and agriculture but no capital.

    I’ll be happy if am been offered a capital of 15 -18million to start up either of the followings…poultry farm ,red oil production, full cream powdered milk production, shea butter and dry cassava.

    Reply to this comment
  8. Muhammad
    Muhammad October 19, 03:20

    I want to put it in my business of poultry chicken

    Reply to this comment
    • Jossy
      Jossy October 23, 22:49

      I need to start up my business which is a make up business all I need is a fund I have done my make up training I need support please to start the business thank you for this opportunity

      Reply to this comment
  9. Yung sp
    Yung sp October 19, 20:42

    I want to put it in my business of poultry chicken
    Thanks

    Reply to this comment
  10. Julius
    Julius October 25, 20:22

    The money is important, so as to bust my business.

    Reply to this comment
  11. Blessing
    Blessing October 26, 21:58

    Please we are all Nigeria youth, and need help from our leaders ohhh because we all have a good reason and good plans towards the money aspect, and am happy because this will really help our youths a lot

    Reply to this comment
  12. Esther
    Esther October 27, 13:45

    I desperately needs it to support my tailoring design.

    Reply to this comment

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