Honorable Minister of Youth and Sport Launches the National Youth Investment Fund Today the 15th of October 2020.
The Minister Sunday Akin Dare gives his speech at the official launch of #NYIF, the N75billion fund approved by the Federal Executive Council in July. The fund is exclusively for the youth and will serve somewhat as a Youth Bank to cater to youth owned businesses and investment needs.
As we record yet another milestone in our drive to increase government's investment in our youth, who we recognize as assets and not problems. This mindset is the impetus that propelled us to approach the Federal Executive Council to approve the NYIF.
Watch the official launch video below:
With the great work put in place by stakeholders and in line with Mr. President’s desire to increase investment in the youth, the loan provided under NYIF has an interest rate of 5% per annum. Youth applying as individual or non-registered businesses are able to draw up to two hundred and fifty thousand naira (N250,00000), while youth owned registered businesses can apply for up to three million naira (N3,000,000.00). Loans are with a tenure of five years and moratorium of up to 12 months.
Application is available online on NISRAL Microfinance Bank’s site, nyif.nmfb.com.ng/Applicants/new
Applicants can also visit the ministry of youth and sports website, and https://noya.ng