The Minister of Youth and Sports Development, Sunday Dare has released an update on what Nigerians should know about the N75 billion Nigeria Youth Investment Fund (NYIF).
Recall that President Muhammadu Buhari recently led the Federal Executive Council to approve the establishment of the N75 billion NYIF, with the Ministry of Youth and Sports Development as the lead ministry working with the Ministry of Finance, Budget and National Planning, the Central Bank and other relevant MDAS in the implementation of the NYIF.
Here are what you should know about the N75 billion NYIF
• The Nigeria Youth Investment Fund, NYIF, is a N75 billion Fund by the Nigerian government.
• The NYIF is dedicated to investing in the innovative ideas, skills, talents and enterprise of the Nigerian Youth and aimed at turning them into Entrepreneurs, Wealth creators and employers of labour contributing to national development.
• NYIF is a ring-fenced find that will provide a minimum of N25 billion each year for the next 3 years 20202024 totaling 75 Million.
• The Nigerian Youth Investment Fund (NYIF) a ring fenced funding that will strictly cater to the invest ment needs of persons between the ages of 18 and 35 years old.
• NYIF is Part of the Federal Government National Plan to combat youth unemployment and drive innovation, fuel entrepreneurship as well as support youth MSMES.
• NYIF is designed to provide a less cumbersome access to credit and finance for the average Nigerian youth and birth a whole generation of entrepreneurs.
The fund aims to reach 500,000 youth annually be tween 2020 and 2024. Each fund approval will range from N250,000 to N 50000000
• Disbursement will be through various channels, which will include Micro Credit Organizations across the country under the Central Bank of Nigeria supported by BOI, Fintech Organizations and Venture Capital Or organizations, registered with the CBN.
