More than 1 million applications have been submitted for the
Nigeria Youth Investment Fund (NYIF).
President Muhammadu Buhari gave the update Sunday night via
Twitter.
The website, https://nyif.nmfb.com.ng/, became operational
three weeks ago.
“Over a million applications have already been received since the 75 billion Naira 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”, Buhari tweeted.
In July, the federal government approved the establishment
of the programme to run from 2020 to 2023
The initiative seeks to boost the Nigerian economy through
finance for young citizens.
The target is 500,000 youths each year.
Fund approval will range from N250,000 to N50, 000,000 for
individual and group applications.
Working capital loans are set at 1 year and term loans set
at 3 years with an interest rate of 5 percent.
The fund will be disbursed through micro finance, finance
firms and deposit money banks.
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