Business loan: CBN soon to unveil the Nigeria Youth Investment Fund
The Central Bank of Nigeria has taken to its social media account to announce that it will soon be launching the Nigerian Youth Investment Fund in collaboration with the Federal Ministry of Youth and Sports Development and NIRSAL Microfinance Bank.
Earlier in August 2020, the Minister of Youth and Sports Development, Mr Sunday Dare had disclosed that the Ministry of Finance and the Central Bank of Nigeria would both make provisions for funds towards the launch of the N75bn National Youth Investment Fund (NYIF).
Thousands of young Nigerians were excited when the Federal Government approved the establishment of the N75bn Nigeria Youth Investment Fund (NYIF).
The Minister disclosed that the youth initiative would be launched soon via his personal Twitter handle where he said, "The Preliminary report of the Ministerial Technical Committee was deliberated upon extensively.
The Ministry of Finance and CBN will take the lead in the provision of start off fund for the NYIF. Final details of the how, where, and when to apply and other relevant information out soon."
According to Nairametrics report, Dare revealed that the Steering Committee of the NYIF had concluded a meeting for the quick implementation of the fund for the benefit of Nigerian youths.
The Central Bank of Nigeria in a recent tweet via its official Twitter page had once again reminded the youths of Nigeria that the NYIF would be launched soon.
"Nigeria Youth Investment Fund...Coming soon #CBN #FMYSD #NIRSAL", it tweeted.
What is the Nigeria Youth Investment Fund (NYIF) about?
The Nigeria Youth Investment Fund (NYIF) is a government initiative which was created to boost the economy of Nigeria by having the youths leverage access to funds.
The Nigerian Youth Investment Fund aims to the potentials of Nigeria youths by making funds available to them with which they can use to invest and build their businesses. Another direct impact of this to the economy is an increase in the employment rate.
How much fund is the Nigeria Youth Investment Fund initiative disbursing?
The NYIF plans to reach out to at least 500,000 youths annually between 2020 and 2023. Each fund approval will range from a minimum of N250,000 to as much as N50,000,000, according to startcredits.com.
Fund approval will spread across individual applications as well as group applications. Also, the disbursement will be through different channels which include microfinance, finance firms as well as deposit money banks as regulated by the Central Bank of Nigeria.
Nigeria Youth Investment Fund application and registration
According to the Federal Ministry of Youth and Sports Development, the Nigeria Youth Investment Fund will commence anytime from September 2020.
The application will be via the Federal Ministry of Youth and Sports Development official portal.
Eligibility for enrolling for the Nigeria Youth Investment Fund
Who can enrol for the SME opportunities from the Federal Ministry of Youth and Sports Development?
According to the FMYSD official website, those who are eligible to enrol are:
- Youths who are between the ages of 18 and 35
- Youths who run any form of business
Nigeria Youth Investment Fund website/application portal
Are you wondering how to apply for the Nigeria Youth Investment Fund to support your business?
You simply have to visit the website for the Nigeria Youth Investment Fund.
Since this program is brought to you by the Federal Ministry of Youth and Development in collaboration with the Central Bank of Nigeria, you apply for funds through the FMYSD official website.
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