The Nigerian Youth Investment Fund (NYIF) is the federal government initiative to invest in youth ideas that can activate enterprise and increase job opportunities In Nigeria and contribute to national development.
The fund is dedicated to investing in innovative ideas, skills, and talent of youth and details the needed actions required to support business establishment, expansion, and employment creation for youth.
The fund hopes to serve as a catalyst to unleash the potential of the youth and enable many of them to build businesses that will increase the employment rate.
The NYIF loan targets to reach 500,000 annually between 2020 and 2013, each approval fund will range from N250,000 to N50,000,000, which is designed to spread across group applications, individual applications, work9ng capital loans set at 1 year and term loans set at three years with a single-digit interest rate of 5%.
Channels of disbursement will be through various means, which will include microfinance, finance firms, and deposit money banks regulated by the Central Bank of Nigeria and supported by the Bank of Industry.
Disbursement will be through various channels, which will include microfinance, finance firms, and deposit money banks regulated by the Central Bank of Nigeria and supported by the Bank of Industry.
The government has set up a platform to support youth enterprise, start or grow your own business through a government-backed loan.