The federal government of Nigeria on Wednesday approved N75 billion for Nigeria Youth Investment Fund (NYIF) during a virtual meeting of the Federal Executive Council, presided over by President Muhammadu Buhari.
The approval was announced by the Minister of Youths and Sports, Sunday Dare at the state house after the meeting as well in a series of tweets. According to the minster, the fund is targeted at Nigerian youths between the ages of 18 to 35 years.
He said the fund will create opportunity for the qualified persons to have access to credit facilities, to fund their ideas, innovations as well as support their enterprise. He said those with genuine business ideas would pitch their ideas to any of the 125 microcredit banks across the country to get access to the funds.
“The fund is to serve as a sort of Youth Bank that will fund and support the innovative ideas, skills, talents and enterprise of the Nigerian Youth. A loan and credit pathway dedicated to assessing credit and soft loans,” the minister said.
According to FG, the loan will attract a single digit interest rate of 5% and a 1-year moratorium.
The loan range will be from N250,000 to N50,000,000.
“The NYIF aims to reach 500,000 youth annually between 2020 & 2023. Each fund approval will range from N250,000 to N50,000,000. Working capital loans set at 1 year and term loans set at 3 years with single digit interest rate of 5%, and 1-year moratorium.” https://t.co/CDCnHLfg91
— Government of Nigeria (@NigeriaGov) July 26, 2020
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The Minister Sunday Dare said, “For the first time in the history of Nigeria, the Federal Executive Council today approved the establishment of the Nigerian Youth Investment Fund to the tune of N75bn for 3 years.
“This fund is meant to create a special window for accessing credit facilities and financing on the part of our youths that will help to fund their ideas, innovations and also support their enterprise.
“The best way to call it is that for the first time, the country will have a youth bank. A fund that will cater specifically for our youths within the stipulated age band, which is going to be between 18 and 35 years.”
Written by;
Ifunanya Ikueze