The Nigerian Youth Investment Fund (NYIF) is a N75 billion fund established in July 2020 by President Muhammadu Buhari.
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Below are some key points you should know about the NYIF:
- The Investment Fund is dedicated to investing in the innovative ideas, skills, talents and enterprise of the Nigerian Youth, aimed at turning them into entrepreneurs, wealth creators and employers of labour contributing to national development.
- It is a ring-fenced fund that will provide a minimum of N25 billion each year for the next three years (2020-2023) totalling N75 billion.
- The fund is part of the Federal Government’s National plan to combat youth unemployment and drive innovations, fuel entrepreneurship as well as support youth MSMEs.
- It is also a ring-fenced fund that will strictly cater to the investment needs of persons between the ages of 18 and 35 years old.
- 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 between 2020-2023. Each fund approval will range from 250,000 to 50,000,000.
- Disbursement will be done through various channels which will include Micro Credit Organizations across the country under the Central Bank of Nigeria, (CBN) supported by the Bank Of Industry, (BOI) and Venture Capital Organizations registered with the CBN.
- NYIF has a template to engage and accommodate youth with little or no formal education but have brilliant business ideas.
- Youths that are interested in the fund must be citizens of the Federal Republic of Nigeria, have a fundable business idea, registered business name, and must be able to present a recognized means of identification and guarantors.
- The Ministry of Youth and Sports Development is the lead Ministry working with the Ministry of Finance, Budget and National Planning, the CBN and other relevant Ministries, Departments and Organizations in the implementation of the NYIF.
Source: Dailytrust.
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