President Muhammadu Buhari disclosed that over a million applications have been received for the N5 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.
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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
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“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.
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What you should know
Nairametrics reported that 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.
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 N12.5 billion.
The N-YIF aims to financially empower Nigerian youths to generate at least 500,000 jobs between 2020 and 2023.
THESE ARE ALL FALLACIES AND MEDICINE AFTER DEATH
Observation:
– That’s potentially awarding 1 million youths NGN 75,000 each to invest.
– Approximate equivalent of 2.5 months at minimum salary rate.
Conclusion:
– To access enough resources to run a viable start up/business concern, NGN 75,000 might only meet costs of business licensing fees and company registration. (Other capital and running costs for first quarter could well exceed NGN3.5m per ‘formal’ start-up enterprise).
– Planning and decisions taken at executive level indicate lack of foresight.
Recommendations:
1) Consider a more strategic approach to youth-centric priorities which can help build an interconnected ecosystem for youth-led businesses e.g. promote OLOP-centred cooperatives operating state-wide; set up private-public investments in regional common facility centres; empower think-tanks and dialogue platforms to encourage inter-state exchange (ideas & know-how, technology and investment), etc. etc. etc.
2) Finally prioritise standards, commend good practice and institutionalise accountability within these systems.
(NGN 75,000 as a government investment is a negligible and unreasonable sum.)
Observation:
– Hypothetically, that’s potentially awarding 1 million youths NGN 75,000 each to invest.
– Approximate equivalent of 2.5 months at minimum salary rate.
Conclusion:
– To access enough resources to run a viable start up/business concern, NGN 75,000 might only meet costs of business licensing fees and company registration. (Other capital and running costs for first quarter could well exceed NGN3.5m per ‘formal’ start-up enterprise).
– Planning and decisions taken at executive level indicate lack of foresight.
Recommendations:
1) Consider a more strategic approach to youth-centric priorities which can help build an interconnected ecosystem for youth-led businesses e.g. promote OLOP-centred cooperatives operating state-wide; set up private-public investments in regional common facility centres; empower think-tanks and dialogue platforms to encourage inter-state exchange (ideas & know-how, technology and investment), etc. etc. etc.
2) Finally prioritise standards, commend good practice and institutionalise accountability within these systems.
(NGN 75,000 as a government investment is a negligible and unreasonable sum.)
Age limit restraint many Nigerian Youths to partake in this beneficial program
When will the registration end?
Please has anyone received the loan already?I’d like to ask certain questions
Well com