Nigerian Youth Investment Fund: FG cash transfer NYIF loan of 75 Billion to credit microfinance bizness of young pipo don ready – See how you fit apply

For 2019, di percentage of youth wey dey unemployed for Nigeria tanda at almost 14% according to di data estimates wey di International Labour Organization release.

Di Nigeria goment also confam say di level of unemployment for di kontri fit reach 33.5% by 2020.

To help solve dis challenge, President Muhammadu Buhari recently approve di sum of 75 billion naira to take establish di Nigeria Youth Investment Fund, NYIF.

Dis approval dey come afta one memo wey di Minister of Sport and Youth Development, Sunday Dare submit during di Federal Executive Council meeting wey explain how di economy of di kontri go turn around for better if di kontri invest for di youth.

Di Minister explain say di youth investment fund go be like bank for youth to create easy to access credit and soft loans to support youth innovative skills, enterprise, investment ideas, talents and entrepreneurial skills.

If youth get any business ideas wey dey fundable, micro credit banks wey dey under di Central Bank of Nigeria for di kontri fit give dem money to do dos business.

How dis Nigeria Youth Investment Fund go take work

According to di Minister of Youth di “Nigeria Youth Investment Fund no be anoda contract, stipends, empowerment programme or any of di palliative measures wey goment don do before in di past, dis one dey different as e give youth di opportunity to become self starter, entrepreneur, wealth starter and employer of labour.

You must get idea wey dey fundable, practicable and wey be business idea so na investment. Di kontri dey take risk and di kontri dey put resources at di disposal of di youth for di first time in a direct manner, na opportunity for youths to dey extremely successful”.

Di ministry nof Youth and Sport Development don begin process how di youth bank go take operate and all di necessary legal documents dem need. Dem also dey collabo wit di Central Bank of Nigeria and di Ministry of Finance, Budget and National Planning and oda relevant agencies to find money wey dem go take kick start di programme.

Oga Sunday say dem dey hope say di project go start for di first week of September 2020 and di target na to get 500,000 youth to enrol for di first year since na three years programme. E say dem go split di N75bn for three years, N25bn for each year.

Beneficiaries go fit get easy access to N250,000 to N50m soft loan at 5% interest rate depending on their business ideas. Dem fit come as individual or as group.

Dis money na for only one purpose and na to fund di business ideas, innovative ideas, talent, skill and enterprise of di youth.

Who dey eligible and how to apply for di Nigeria Youth Investment Fund

Di programme go hopefully kick start for September and dis na wetin applicants go need if dem wan apply for dis youth investment fund.

  • Applicant must be a Nigerian and fall between di age of 18 and 35 years old.
  • Graduate must don finish NYSC
  • Non graduate get any form of identity
  • Applicant must get simple business proposal wey show capital, profit margin, over head cost, market, wetin im dey hope to achieve for di business.
  • Di youth must submit idea wey dey fundable.
  • National Identity Card, INEC Registration Card or Nigerian Passport
  • One Guarantor
  • Registered company
  • Bank Verification Number

Di ministries still dey review wetin pipo go need to get so dat e no go dey difficult like wen you wan collect normal commercial loan.