The Federal Government, through the Ministry of Youth and Sports Development has, on Thursday, launched the application for the N75 billion Nigeria Youth Investment Fund (NYIF).
With this, Nigerian youths can access loan of up to N3 million from the Federal Government with convenient interest rates.
The minister of Youth and Sports Development, Sunday Dare, said the fund reiterates how much the current administration values youths.
He added that the fund is an initiative of the Ministry of Youths and Yports Development with funding from the Central Bank of Nigeria (CBN).
The minister said that the fund would spread more than 3 years to take care of businesses and investments owned by youths.
Appreciating the CBN, Sunday Dare said “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.
Individuals and non-registered businesses are eligible for loans of up to N250,000. Registered businesses, however, can access up to N3 million.
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What’s the Interest Rate of NYIF Loan?
The minister revealed that the NYIF loan’s interest rate is 5% per annum and a 5 years tenor with a moratorium of about 12 months.
How to apply for NYIF Loan
You can apply for the NYIF loan by visiting Nigeria Youth Investment Fund Application Portal on the ministry of Youth and Sports development website www.youthandsport.gov.ng or on NIRSAL microfinance bank’s website www.nmfb.com.ng.
Simply provide your BVN, name and email address to commence application.
