The portal to apply for the youth investment fund all amounting to N75 billion has been opened by the Federal government of Nigeria. This project of the ministry of youths and sports is funded by the Central Bank of Nigeria.
The National youth investment fund was created to invest in the skillset, ideas and talents of the average Nigerian youth with the goal of turning them into entrepreneurs.
According to the Minister of youth and sports development, Sunday Dare, this funding targets 500,000 youths annually. The funds would be spread across three years with a minimum of N25 billion to be disbursed each year. Each fund approval will range from N250,000 to N50,000,000, with the spread across group applications and individual applications with working capital loans set a one year and term loans set at three years with a single-digit interest rate of 5%.
He further said that such persons must be citizens of Nigeria and must able to provide recognized means of identification and guarantors. You can visit the application portal through this:
The application which started on the 13th of October 2020 is open to Nigerians Youths from the age of 18 -35 Years and they need not have an existing or registered business to apply.
You can apply by visiting https://nyif.nmfb.com.ng/Applicants/New
Who Can apply?
- Individuals /Non registered Businesses – Up to N250,000
- Individual within the age bracket of 18 to 35 years
- Has a valid BVN and means of Identification
- Provision of the Business plan summary
- Entrepreneurship Training Certification from Federal Ministry of Youth and Sports Development”s Entrepreneurship Development Institutes.
- Registered Businesses – Up to N3 Million
- Business Ventures, duly registered with the Corporate Affairs Commission(CAC)
- Bank Verification Number(BVN) Of Directors
- Entrepreneurship Training Certification from FMYSAD EDIs