The Minister of Youth and Sports Development, Mr. Sunday Dare, has disclosed that the Ministry of Finance and the Central Bank of Nigeria will both make provision for funds towards the launch of the N75 billion National Youth Investment Fund (NYIF).
The Minister made the disclosure in a tweet shared on his personal Twitter handle on Tuesday evening.
According to him, the Ministerial Technical Committee had already deliberated on the NYIF’s preliminary report. Following the deliberations, “the Ministry of Finance and CBN will take the lead in the provision of start off fund for the NYIF. Final details of how, where, when to apply and other relevant information out soon,” he said.
The Preliminary report of the Ministerial Technical Committee was deliberated upon extensively. The Ministry of Finance and CBN will take the lead in the provision of start off fund for the NYIF. Final details of how, where, when to apply and other relevant information out soon
— Sunday Dare (@SundayDareSD) August 25, 2020
Earlier on Monday, Dare revealed that the Steering Committee of the NYIF had concluded a meeting for the quick implementation of the fund for the benefit of Nigerian youths.
Nairametrics reported last month that the fund is meant to cater to the investment needs of those between 18-35. Both individuals and groups can apply for the loan.
The Loan which is aimed at meeting 500, 000 youths from 2020-2023, will range from N250, 000 to N50 million with a spread across group applications, individual applications, working capital loan set as one year, and term loan set at three years with a single-digit interest rate of 5%.
A minimum of N25 billion each year in the next 3 years, totaling N75 billion, will be required to ring-fence the NYIF. For the remaining parts of 2020, N12.5 billion will be needed to kick start the NYIF. It is expected that successive governments will keep the fund alive.
The Ministry of Finance, Budget and National Planning (MFBNP) and the Central Bank of Nigeria (CBN) will provide the financing to kick-start the Nigeria Youth Investment Fund (NYIF).
Potential beneficiaries of the fund must be a citizen of Nigeria, have legal identification and registered business and also provide a fundable business idea.