Nigerian Youth Investment Fund portal, N75BN NYIF loan for youth in Nigeria - Facts to know before you apply for di funding
Nigerian Youth Investment Fund, NYIF wey President Muhammadu Buhari don establish no be anoda contract, stipends, empowerment programme or any of di palliative measures wey goment don do before in di past.
Dis one dey different as e give youth di opportunity to become self starter, entrepreneur, wealth starter and employer of labour.
Di NYIF na to invest for di innovative ideas, skills, talents and enterprise of di Nigerian Youth wey go turn dem into Entrepreneurs,
Wetin you suppose know about NYIF before you apply
- Na minimum of N25 billion each year for di next 3 years, wey go make am N75Billion na im dem go use ring di fence of di NYIF. For di remaining part of 2020 dem go use N12.5 billion to start di funding.
- Di Nigerian Youth Investment Fund (NYIF) na support moni wey go cater to di investments need of pipo wey dey between di age of 18 and 35 years old. Na moni wey dem go only use for di purpose of Youth Investment for di kontri.
- NYIF go join some Youth-oriented programmes wey President Buhari don create to fight youth unemployment for di kontri to drive innovation, fuel di creation of entrepreneurship and support youth SMEs.
- NYIF go provide one single window of Investment Fund for di youth and so e mean say dem don create one common bucket for all Nigerian youth to access Government support.
- Di aim of di fund na to reach 500,000 youth every year between 2020 and 2023.
- Fund approval go dey from N250,000 to N50,000,000.
- Dem go spread di funds across group applications, individual applications, working capital loans go get 1 year single digit interest rate of 5%. and term loans go get 3 years single digit interest rate of 5%.
- Di funding go be one single digit facility wit moratorium for one year and you go pay back within a period of time.
- Dem go give di moni through various channels, like Micro Credit Organizations across di kontri under di Central Bank of Nigeria plus BOI, Fintech Organizations and Venture Capital Organizations, wey dey registered wit di CBN.
- NYIF go use disbursement frameworks wey dem don prove say e fit work but wit special conditions wit respect to di youth. Dem go also give residual advisory facility for applicants and beneficiaries.
- NYIF go invest in businesses wey get deeper value than only money. Dat kain business must dey viable and e go fit fulfill all criteria to make sure say di funds continue to dey expand and serve like a production factory for businesses.
- Youth wey wan benefit from di fund must get a fundable business idea, registered business, dem must be citizen of Nigeria, present recognized means of identification and guarantors.
- Di kain safeguard wey dem don build around fund go make sure say you no need sabi pesin or dey connected before you go get acess to funds.
- NYIF get template wey dem go use engage and accommodate youth wey no too go school but get brilliant ideas.
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