Bashir Ahmad, the Personal Assistant To The President On New Media has revealed the ten things needed to be known about the Nigerian Youth Investment Fund (NYIF).
Ahmad in a tweet today tweeted that “10 things to know about the Nigerian Youth Investment Fund (N-YIF) approved by the Federal Executive Council (FEC) on July 22, 2020, dedicated to investing in the innovative ideas, skills, talents and enterprises of the Nigerian Youth.”
The document tweeted contains the following statement;
TEN THINGS TO KNOW ABOUT THE NIGERIAN YOUTH INVESTMENT FUND (NYIF)
1. The Federal Executive Council on Wednesday July 22 2020 approved the establishment of the Nigerian Youth Investment Pund, NYIF, dedicated to investing in the innovative Ideas, skills, talents and enterprise of the Nigerian Youth nd almed at turning them Iato Entrepreneurs, wealth creators and employer of labour contributing to national development
2. A minimum of N25 billion each year in the next 3 years, totaling N7SBIlon will be required to ring fence the NYIF. For the remaining part of 2020 an initial sam of N123 billion will be needed to kick start the NYIF. I is expected that successive governments will kcep the fund alive
3. The Nigerian Youth Investment Fund (NYIF)aringfenced funding that will strictly cater to the investment needs of persons between the ages of 18 and 35 years old.
4. NYIF Joins the slew of youth focused programs already in place by the Muhammadu Buhari led Federal Government as part of a National Plan to combat youth unemployment and drive innovation, fuel entrepreneurship as well as support youth SMEs.
5. NYIF provides a single window of Investment for the youth thereby creating a common basket for all Nigerian youth to access Government support. Providing a less cumbersome access to credit and finance for the average Nigerian youth with an approved work plan or business kes will help lin thousands of the youth out of poverty and birth a whole generation of entrepreneurs.
6. The fund alms to reach 500,000 youth annually between 2020 and 2023. Each fund approval will range from N250,000 to NS 0000000 with spread across group applications, individual applications, working capital loans set at 1 year and term loans set at 3 years with single digit interest rate of 5.
7. Disbursement will be through various channels, which will include Micro Credit Organizations across the country under the Central Bank of Nigeria supported by BOL Fintech Organization and Venture Capital Organisation, registered with the CBN, The Ministry of Finance, Budget and National Planning (MFIP) and the Central Bank of Nigeria (CHN) will provide the financing to kick-start the Nigeria Youth Investment Fund (NYIF).
9. The Ministry of Youth and Sports Development and the processes for setting up the food by inaugurating a Board of Trustees Committee under the leadership of the Minister for Youth and Sports Development and possibly work on legislation of the Nigeria Youth Investment Fund (NYIF).
10. Youth seeking to benefit from the fund must have a fundable business idea registered business, be a citizen of Nigeria, present recognized means of identification and guarantors.