National Youth Investment Fund (NYIF) Loan 2020 – 2023: CBN makes provision for funds – How to Apply for NYIF Loan via www.nyif.gov.ng – Do you want to apply for NYIF Loan? Are you looking for steps on how to apply for National Youth Investment Fund (NYIF) Loan 2020/2023? FG has given orders for the 2020 – 2021 NYIF Loan. CBN has also made provisions for NYIF funds. This implies that application for NYIF loan has commenced.
The essence of the NYIF loan is that the Federal Government aims to meet 500, 000 youths from 2020 -2023, with an approval range from N250, 000 to N50m.
Today, the Minister of Youth and Sports Development, Mr. Sunday Dare, disclosed that the Ministry of Finance and the Central Bank of Nigeria will make provision for funds towards the launch of the N75 billion National Youth Investment Fund (NYIF).
The Minister made the disclosure in a tweet shared on his personal Twitter handle on Tuesday evening.
According to him, the Ministerial Technical Committee had already deliberated on the NYIF’s preliminary report. Following the deliberations, “the Ministry of Finance and CBN will take the lead in the provision of start off fund for the NYIF. Final details of how, where, when to apply and other relevant information out soon,” he said.
BasedOnNews wishes to tell everyone that the loan will be of great help to the entire public and will assist individuals and groups as the loan is for youths majorly.
The amount they will pay for the loan – The Loan which is aimed at meeting 500,000 youths from 2020-2023, will range from N250,000 to N50 million with a spread across group applications, individual applications, working capital loan set as one year, and term loan set at three years with a single-digit interest rate of 5%.
A minimum of N25 billion each year in the next 3 years, totaling N75 billion, 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 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).
Eligibility for the NYIF loan is that potential beneficiaries of the fund must be a citizen of Nigeria, have legal identification and registered business and also provide a fundable business idea.
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