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FG launches application for N75 billion Youth Investment Fund at 5% interest, how to apply

FG has flagged off the application for the N75 billion Nigeria Youth Investment Fund.

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President Buhari to address Nigerians on Lekki toll plaza shootings after investigation , Youth Investment Fund:  Ministry of Finance and CBN to launch provision of funds- Minister

The Federal Ministry of Youth and Sports Development, on Thursday, October 15, 2020, flagged off the application for the N75 billion Nigeria Youth Investment Fund (NYIF) recently approved by the Federal Government.

During the launch of the application, the Minister of Youth and Sports Development, Sunday Dare, said that the NYIF underscored the importance placed on youths by the current administration.

READ: CBN raises alarm over fraudulent loan offers, investment schemes with charged fees

The Minister said that the fund, which is an initiative of the Federal Ministry of Youth and Sports Development and funded by the Central Bank of Nigeria (CBN), would be spread over 3 years to cater to youth-owned businesses and investment needs.

Sunday Dare stated, “I must mention the support we enjoyed from the Central Bank of Nigeria (CBN), which in line with the President’s directive, provided the initial N12.5 billion required for the Fund to operate in the remaining part of the year 2020.

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READ: NYSC Orientation camps set to reopen on November 10, 2020

“We are also grateful that the Ministry of Finance, Budget and National Planning has on its part, committed to providing the next tranche of the fund in the 2021 budget.’

The Minister 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.

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READ: FG launches Presidential Youth Empowerment Scheme

He explained that any youth who wished to apply as an individual or a non-registered business could draw up to N250,000, while youth-owned registered businesses could apply for up to N3 million.

Going further, he said, “Our commitment to seeing the youth succeed is such that the loan is bundled with training that will ensure business sustainability for successful applicants.

“It is my belief that the fund will grow to become a permanent feature of our society, where beneficiaries run successful businesses and repay the loans.”

READ: Youth Investment Fund: Ministry of Finance, CBN to make provision for funds

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The Minister said that application is available on the Nigeria Youth Investment Fund Application Portal on NIRSAL Microfinance Bank’s site, www.nmfb.com.ng; and the ministry’s website, www.youthandsport.gov.ng or www.noya.ng.

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Applicants are expected to provide their Names, Email address, and Website (if available).

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

26 Comments

26 Comments

  1. Dr ujah Sunday Emmanuel

    October 16, 2020 at 10:05 am

    When will the federal ministry of Youths and Sports organized training center for the the applicants?

    • Prince

      October 18, 2020 at 7:39 pm

      Please, in the form provided for applicant, a bvn was requested… Why bvn.?

      • ONAH COLLINS EJIKE

        October 19, 2020 at 10:56 am

        I didn’t see any place where BVN was required in the form. Please help me and direct me

    • ONAH COLLINS EJIKE

      October 19, 2020 at 10:57 am

      I didn’t see any place where BVN was required in the form. Please help me and direct me

      • ONAH COLLINS EJIKE

        October 19, 2020 at 11:00 am

        I have filled the form but I didn’t see any provision for BVN space. Please help me

  2. OLADELE O. Johnson

    October 16, 2020 at 8:01 pm

    Sir,
    This really a great package indeed.
    Could you please tell me the conditions and necessary documents for eligibility

  3. lateefat olaide Isiaq

    October 16, 2020 at 10:20 pm

    I have served since 2019 and no reasonable job since then, I will be glad if you can help me with money to start up my own business

  4. Ola

    October 17, 2020 at 2:14 am

    Imagine a whole said government website showing error a website trainee can’t afford to make.

  5. Bukky wealth

    October 17, 2020 at 6:40 am

    Nigeria government have started their lies again, it’s on internet we would be seen it but real real life it’s all about fake news or people in charge of it have embezzled it. why can’t Nigeria empowerment be real for once.

  6. Anonymous

    October 18, 2020 at 10:29 am

    Please what is eligibility

  7. Anonymous

    October 18, 2020 at 1:31 pm

    I don’t trust anything from this government! It’ll take years to build any element of trust in any Nigerian government engagement. #Deceitful, #untrustworthy!

  8. Abidoye oyeyemi Yusuf

    October 18, 2020 at 4:12 pm

    Sir,
    This really a great package indeed.
    Could you please tell me the conditions and necessary documents for eligibility

  9. Ajayi olawale

    October 18, 2020 at 8:43 pm

    Please let the federal government asure it, because this will another opportunity for we yonth

  10. Mstar Mathew

    October 19, 2020 at 12:54 am

    Sir please how do I get link for over 3days I have registered through online about the form but no reply yet in my e-mail. I speaks french, An Actor, Comedian and movie producer…sir I need your help,Thank you.

  11. Ochoche Daniel

    October 19, 2020 at 9:02 am

    Really this regime remained the best in every ramifications, may God help pmb to succeed

    • Anonymous

      October 20, 2020 at 5:30 am

      I guess you’re benefitting from this clueless and and wicked Government.

  12. Iorpuu Benjamin

    October 19, 2020 at 9:55 pm

    We the youths have suffered a lot ,if the government want to help us let them help and stop playing games with us

  13. Olanrewaju Abiodun

    October 20, 2020 at 8:32 am

    Please … How does one apply for it ?

  14. Effiong utibe edet

    October 20, 2020 at 11:56 pm

    Am unable to apply, is saying my name doesn’t mach with my bvn

    • Akinlosotu Ayokunnumi

      October 25, 2020 at 2:05 pm

      Sir I have not gotten the link, I will be very glad if it can be helped

  15. Anonymous

    October 23, 2020 at 3:21 am

    Pls BVN was required why

    • Ezihe Ruth chioma

      October 26, 2020 at 3:53 am

      Bvn was required. Please why?

  16. Jamiu jimoh ishola

    October 23, 2020 at 11:41 am

    Please when exactly is the training commence

  17. Michael

    October 26, 2020 at 5:05 pm

    Can a cooperative society apply

  18. Daniel Praise

    October 27, 2020 at 11:02 am

    The link I opened is asking for my BVN. Hope it’s not fraudster.

  19. Anonymous

    October 27, 2020 at 1:28 pm

    THE DATE OF THE TRAINING PLEASE

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Business

Just-in: Federal Government declares Thursday October 29 public holiday, to mark Eidl-Mawlid

Federal Government has declared Thursday, October 29, 2020 as a public holiday to mark the Eidul-Mawlid.

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The Federal Government has declared Thursday, October 29, 2020 as a public holiday to mark the Eidul-Mawlid.

This disclosure was made by the honourable Minister of Interior, Rauf Aregbesola.

Ogbeni Rauf Aregbesola congratulated muslim faithfuls both at home and abroad for the opportunity to observe this year’s celebration. He further enjoined them to show love, patience and perseverance.

In the light of the aforementioned facts, the minister urged Muslims to detest or shun lawlessness, looting and daylight robbery which undermine National security and safety.

Ogbeni Aregbesola, who described the youths as the hope and future of the nation, advised them to deepen democracy and not dampen it.

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For him, it is with more democracy that we can overcome our challenges, noting that the challenges of nationhood that we face are surmountable if we work through the democratic process.

What you should know:

Eid Mawlid is an annual celebration for Muslims meant to marked the birthday of the Prophet Mohammed.

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Business

Just-in: President Buhari reappoints Yakubu as INEC Chairman for second term

President Muhammadu Buhari has reappointed Professor Mahmood Yakubu as Chairman of the Independent National Electoral Commission (INEC).

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INEC to introduce election results viewing portal, INEC headquarters gutted by fire

President Muhammadu Buhari has reappointed Professor Mahmood Yakubu as Chairman of the Independent National Electoral Commission (INEC) for another five-year term.

This disclosure was made by the Special Adviser to the President on Media and Publicity, Femi Adesina, in a statement titled, ‘President Buhari nominates Prof Yakubu as INEC chairman for a second term in office’.

The statement read, “President Muhammadu Buhari has presented the Chairman of the Independent National Electoral Commission, Prof Mahmood Yakubu, for a second term in office.’

Details later…

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Business

#EndSARS protest: Hoodlums loot 110 tractors in Yola

Hoodlums looted the North East Commodity Association (NECAS) Warehouse In Yola state.

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Due to the ongoing demonstrations against police brutality tagged “EndSARS” protest, hoodlums have stolen at least 110 tractors and other farm implements from the North East Commodity Association (NECAS) Warehouse In Yola.

Confirming this development to TheVanguard, was the chairman of NECAS, Alhaji Sadiq Umar-Daware, who also revealed that the hoodlums also broke into the main warehouses of the Rice Farmers Association and Maize Farmers Association of Nigeria, carting away valuables which include farm inputs and fertilisers.

What they are saying

Commenting on the latest development, Mr. Umar-Daware, said: “They did not only took tonnes of produce, but they also made away with the farm inputs for the dry season farming and the offices of Rice Farmers Association, Maize Farmers Association of Nigeria (MFAN) and the NECAS were also looted and vandalised.

Commenting further, he said: “What they took away include tonnes of rice, beans, maize, sorghum and millets, and computers, tables, chairs, office equipment, water dispensers and cash,’’ he said.

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Mr. Umar noted that complaints have been forwarded to security agencies, although the organization is still awaiting a formal response. He, however, urged people in Adamawa and its environs to be on the lookout for anybody in possession of the tractors, and report to NECAS, RIFAN and MFAN officials for recovery and necessary action.

What you should know

NECAS is involved in agriculture-related services and human capacity development across the North-East region States of Adamawa, Bauchi, Borno, Gombe, Taraba, and Yobe.

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Since its establishment in 2018, the association has expanded its scope of activities, especially through the Federal Government, CBN’s Anchor Borrowers’ Programme (ABP), mechanisation drive, and partnerships with development agencies.

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