President Muhammadu Buhari disclosed that over a million applications have been received for the ₦75 billion Nigeria Youth Investment Fund (NYIF) since the scheme was launched in October.
The President disclosed this in a statement on Sunday evening via his official Twitter handle.
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: https://t.co/VBBcMyDsXo#NationalYouthDay pic.twitter.com/ot309rHgSC
— Muhammadu Buhari (@MBuhari) November 1, 2020
“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 said.
Nairametrics reported that the Federal Ministry of Youth and Sports Development, on Thursday, October 15, 2020, flagged off the application for the ₦75 billion Nigeria Youth Investment Fund (NYIF) recently approved by the Federal Government.
The Minister of Youth and Sports Development, Sunday Dare, said that the loan, provided under the NYIF, has an interest rate of 5% per annum and a tenor of 5 years with a moratorium of up to 12 months.
The CBN stated that the Nigerian Youth Investment Fund (N-YIF) would be funded through the NIRSAL MFB window – with an initial take-off seed capital of ₦12.5 billion.
The N-YIF aims to financially empower Nigerian youths to generate at least 500,000 jobs between 2020 and 2023.
Source: Nairametrics
