CBN announces Nigerian Youth Investment Fund

The Central Bank of Nigeria (CBN) has announced the coming of a new initiative Nigerian Youth Investment Fund (NYIF) to help reduce unemployment and boost entrepreneurship in the country.

The NYIF is a government initiative created to boost the Nigerian economy through leverage and access to finance for youths.

The fund hopes to serve as a catalyst to unleash the potential of the youth and enable many of them build businesses that will increase the employment rate.

The NYIF aims to reach 500,000 youth annually between 2020 and 2023. Each fund approval will range from N250, 000 to N50, 000,000, with a 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%.

Disbursement will be through various channels, which will include micro finance, finance firms and deposit money banks regulated by the Central Bank of Nigeria and supported by Bank of Industry.

ELIGIBILITY CRITERIA

  • Official Government Identification
  • Applicant must be between the ages of 18 and 35 years old
  • Notarized Guarantor Forms
  • Passport photographs
  • Bank Verification Number
  • Training Certificate
  • Fundable business idea
  • Registered business
  • Nigeria Citizenship
  • NYSC certificate for graduates

 

About the Author: Success Kafoi

Success Kafoi is a technology oriented Nigerian Journalist, with penchant in ICT development and technology innovation. You can reach him on success@naijaaffairs.com

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