One million persons have so far applied for the N75 billion Nigeria Youth Investment Fund (NYIF) which was launched in October, President Muhammadu Buhari stated Sunday.
Stating this via his verified Twitter handle, Buhari wrote: “Over a million applications have already been received since the N75 billion Nigeria Youth Investment Fund (NYIF) Portal went live on Oct 12, 2020. This Fund will invest in the innovative ideas, skills and talents of young Nigerians.”
The Federal Ministry of Youth and Sports Development, had on Thursday, October 15, 2020, flagged off the application for the N75 billion Nigeria Youth Investment Fund (NYIF) as approved by the Federal Government.
The Minister of Youth and Sports Development, Sunday Dare, while flagging off the scheme, had explained that the loan, has an interest rate of 5% per annum and a tenor of five years with a moratorium of up to 12 months.
The Central Bank of Nigeria (CBN) also explained that the NYIF, which aims to empower Nigerian youths to generate at least 500,000 jobs between 2020 and 2023, would be funded through the NIRSAL MFB window – with an initial take-off seed capital of N12.5 billion.
