Nigerian Youth N75B Investment Fund Now Ready, You Can Now Apply(Details)

Category: Nigeria News

The Federal Government of Nigeria has now opened the portal for application for N75B funds for youths who are interested in applying for business loans of up to N3million at 5% per annum and a tenor of 5 years with a moratorium of up to 12 months.

This is happening in the mid of youths uprising and protests which has cut across the country over a period of two weeks. 

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.

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.

The youth minister said 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.
He also added that, “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.”

Only youths falling between the ages of 18-35 years can access the portal.

Apply Here