More than one million Nigerians have applied for the 75 billion Naira Nigeria Youth Investment Fund (NYIF), The Presidency said on Sunday.
The application portal which went live on October 12, 2020, is designed to assist young Nigerians with innovative ideas, skills and talents.
CBN’s Guidelines for Application
Three days ago, Nigeria’s apex bank released guidelines for implementation of the proposed fund.
The Central Bank of Nigeria through its Development Finance Department has said the major objective of the plan was to address the fragmentation of youths initiatives that prevent the assessment of impact.
NYIF is an initiative of the Ministry of Youth and Sports Development and managed by NISRAL Microfinance Bank.
“It will provide Nigeria youths with investment inputs required to build successful businesses that can become sustainable employers of labour and contributors to the country’s development,” CBN said in a statement.
The fund is targeting young people between 18 and 35 years to support their business establishments, create enabling environment for expansion and make them an employer of labour in critical economic and social sectors.
You haven’t applied? Check our post on the application guidelines