The Nigerian government Thursday launched the application for the N75 billion Nigerian Youth Investment Fund, which seeks to empower Nigerian youths falling within the age range of 18-35 years, in Abuja.
“It is my pleasure to address you as we record yet another milestone in our drive to increase government’s investment in our youths, who we recognise as assets and not problems.
“This mindset is the impetus that propelled us to approach the Federal Executive Council to approve the Nigeria Youth Investment Fund as ring fenced fund for the Nigerian youth, our own sort of a youth bank.
“The Federal Executive Council on July 22, 2020 thus approved the Nigeria Youth Investment Fund to the tune of N75bn spread over three years to cater to youth owned businesses and investment need,” said Minister of Youth and Sports Development Sunday Dare, while addressing newsmen in Abuja.
The minister observed that the Central Bank of Nigeria, in accordance with an order from the Nigerian government, supplied the initial N12.5 billion needed to finance the initiative and make it operate for the rest of 2020.
“We are also grateful that the Ministry of Finance, Budget and National Planning has on its part committed to provide the next tranche of the fund in the 2021 Budget.”
The credit to be granted through the fund will be offered at an interest rate 5 per cent per annum.
Individual applicants or non-registered businesses are eligible to draw up to N250,000 while registered businesses owned by youths are eligible to apply for up to N3 million, Mr Dare said.
The tenor of the loans is five years with a 12-month moratorium. NIRSAL Microfinance Bank is responsible for the disbursement.
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