The Ministry of Youth and Sports has highlighted some key important factors about how to access the Nigeria Youth Investment Fund, NYIF.
In a tweet on Thursday, the Ministry said the NYIF provides a single-window of Investment Fund for the youth thereby creating a common bucket for all Nigerian youth to access Government support.
Also, the fund is aimed at providing less cumbersome access to credit and finance for the average Nigerian youth with an approved work plan or business idea will help lift thousands of the youth out of poverty and birth a whole generation of entrepreneurs.
It was gathered that the fund aims to reach 500,000 youth annually between 2020 and 2023 with each fund approval ranging between N250, 000 to N50, 000,000.
The application is designed to spread across group applications, individual applications, working capital loans set at 1 year and term loans set at 3 years with a single-digit interest rate of 5%.
Nigeria Youth Investment Fund
Moreso, the fund would be disbursed through the Micro Credit Organizations across the country under the Central Bank of Nigeria supported by BOI, Fintech Organizations and Venture Capital Organizations, registered with the CBN.
Also, the Ministry of Finance, Budget and National Planning (MFBNP) and the Central Bank of Nigeria (CBN) will provide the financing to kick-start the Nigeria Youth Investment Fund.
The Ministry of Youth and Sports Development handles the processes for setting up the fund by inaugurating a Board of Trustees Committee under the leadership of the Minister for Youth and Sports Development and possibly work on the legislation of the NYIF.
Youth seeking to benefit from NYIF must have a fundable business idea, registered business, be a citizen of Nigeria, present recognized means of identification and guarantors.
You will recall that the Federal Executive Council on Wednesday, July 22, 2020, approved the establishment of the Nigerian Youth Investment Fund, NYIF.
In the meantime, the Ministry said it has set up a focal group on the NYIF.
The Focal Group is an assemblage of youth leaders and groups from diverse fields, entrepreneurial experts and individuals with youth development and finance experience.
The twenty-three-member focal group is led by, Oladipo Adebiyi with Mr Samson Itodo, Executive Director of Youth Initiative for Advocacy Growth & Advancement (YIAGA) as Deputy Team Lead The membership of the group includes Thomas Enitan Eleoramo, Funds Manager/Investment Banker
Others are Ife Adebayo, SA Innovation and Entrepreneurship Office of the Vice President, Mrs Fayo Williams, CEO, Simply Exponential Consult; Mr Abubakar Badre; Mr Olisameka Onyeka; Mrs Yetunde Adeniji and Barrister Usman Bappa, Mr Gbenga Adeyemo who is a youth development coach.