This was disclosed in a statement titled ‘Minister flags off application for Nigeria Youth Investment Fund’.
Addressing the press in Abuja, the minister said, “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.”
He said the Central Bank of Nigeria, in line with the Federal Government’s directive, provided the initial N12.5bn required for the fund to operate in the remainder 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,” he added.
He said the loan provided under NYIF had an interest rate of five per cent per annum.
Youths applying as individuals or non-registered businesses would be able to draw up to N250,000, while youth owned registered businesses could apply for up to N3m, he said.
According to him, the loans had five years tenure with moratorium of up to 12 months.
He said NISRAL Microfinance Bank was selected as disbursement agency, given its reach and spread which ensured that youths across the country had access to apply for the fund.