16 Oct FG opens portal for N75bn Youth Investment Fund
The Federal Government has opened the portal for Nigerians to apply for its N75 billion youth investment fund by the Central Bank of Nigeria (CBN).
According to Sunday Dare, Minister of Youth and Sports Development, the fund is dedicated to innovative ideas, skills, talents and enterprise of the Nigerian youth with the aim of turning them into entrepreneurs.
He said funding targets 500,000 youth annually and a minimum of N25 billion will be disbursed each year over the next three years, totaling N75 billion.
Dare said for the remaining part of 2020, an initial sum of N12.5 billion will be needed to commence the NYIF.
He added that the initiative, which is part of President 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 microcredit organizations across the country, the CBN supported by the Bank of Industry, fintech organizations and venture capital organizations registered with the CBN.
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