NYIF Youth Bank Loan 2020: FG approves N75billion fund Loan to Nigerian Youths – Finally, the Federal Government of Nigeria has approved the loan of N75 billion for the establishment of Nigerian Youth Investment Fund (NYIF). This will allow all Nigerian youths to apply for loan through the Nigerian Youth Bank. NYIF Loan application form 2020 is made available for all youths to apply. See How to apply for NYIF Loan using the link and portal below.
The Federal Executive Council (FEC) approved Nigerian Youth Investment Fund (NYIF) loan on Wednesday night and it was disclosed to the public by the Minister of Youth and Sports Development, Mr. Sunday Dare after a lengthy 9th virtual meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja.
The essence of the NYIF also called ‘Youth Bank’ is to create financial support for the creativity and innovation of Nigerian Youths
- 1 Requirements, Eligibility and Qualifications for NYIF Youth Bank Loan Application
- 2 Steps on How to Apply/Register for CBN Agric Fund Loan by AGSMEIS & MSMEDF
- 3 Importance of NYIF Loan to Nigerian Youths
- 4 How to Access or Apply for NYIF Youth Bank Loan 2020
- 5 Click Here to Apply for CBN Nirsal Loan Application 2020/2021 by Federal Government
Requirements, Eligibility and Qualifications for NYIF Youth Bank Loan Application
- Nigerian Youth within the age of 18 and 35 years can apply
- Youths who have genuine business ideas would be eligible
- National Identity Card, Permanent Voters Card, Drivers License or International Passport
- Passport photograph
- Valid Email address and Phone Number
- Contact address
- Bank Verification Number (BVN)
Importance of NYIF Loan to Nigerian Youths
According to Dare, “For the first time in the history of Nigeria, the Federal Executive Council today approved the establishment of the Nigerian Youth Investment Fund (NYIF) to the tune of N75 billion.
“This fund will create a special window for accessing credit facilities and finance on the part of our youths that will help to fund their ideas, innovations.
“The best way to call it is that for the first time the country will have a youth bank.”
Federal Executive Council (FEC) also approved the Ministry of Youth and Sports Development to play a lead role in working on necessary steps in terms of legislation, organization and other aspects of financing.
Here, according to the Minister, the Federal Ministry of Finance, Budget and National Planning will take the lead when it comes to the aspect of the financing, working with the CBN, the Ministry of Youth and Sports Development and other relevant MDAs.
How to Access or Apply for NYIF Youth Bank Loan 2020
Application is done through any of the 125 micro-credit banks across the country and qualified candidates would have access to the funds.
Application or registration to NYIF Youth Bank Loan will be just like Npower programme as the process will be digital and fair to all youth regardless of tribe and social status.
To register/apply in order to access NYIF Youth Bank Fund Loan, visit: www.nyif.gov.ng – this link has not been launched yet but soon.
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