The Nigerian Youth Investment Fund (N-YIF) was approved by the Federal Executive Council (FEC) on July 22, 2020.
The fund is aimed at investing in the innovative ideas, skills, talents and enterprises of young Nigerians between the ages of 18 and 35.
The programme handled by the Ministry of Youths and Sports is aimed at reaching 500,000 youths between 2020 and 2023
Here are 10 facts about N-YIF:
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It is an initiative of the Federal Government meant to improve the youths. It is meant to improve the skills, talent and enterprises of youths.
It is meant to cater for the investment needs of those 18-35.
The Ministry of Finance, Budget and National Planning (MFBNP) and the Central Bank of Nigeria (CBN) will provide the financing to kick-start the Nigeria Youth Investment Fund (NYIF).
Youths seeking to benefit from the N-YIF must have a means of identification, a registered business and guarantors.
The fund aims to meet 500, 000 youths from 2020-2023. Each fund approval will range from N250, 000 to N50m with a spread across group applications, individual applications, working capital loan set as one year and term loan set at three years with single digit interest rate of 5%.Disbursement will be through various channels, including Micro Credit Organisations across the country under the Central Bank of Nigeria supported by BOI, Fintech Organisations and Venture Capital Organisations registered with the CBN.
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.
NYIF provides a single window of Investment Fund for the youth thereby creating a common bucket 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 idea will help lift thousands of the youth out of poverty and birth a whole generation of entrepreneurs.
A minimum of N25 billion each year in the next 3 years, totaling N75billion will be required to ring fence the NYIF. For the remaining parts of 2020, N12.5 billion will be needed to kick start the NYIF. It is expected that successive governments will keep the fund alive.
The Ministry of Youth and Sports Development handle the processes for setting up the fund 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).