The NYIF is a dedicated fund for young entrepreneurs, aged between 18 and 35 years old, with innovative ideas and sustainable businesses. The fund is designed to provide financial support in the form of loans, equity, and guarantees, among others.
The fund has a total of N75 billion available over a three-year period, with an initial tranche of N12.5 billion made available in 2020. The remaining funds will be released in subsequent years.
To access the fund, interested applicants are required to register on the NYIF portal and complete the online application process. The application process is straightforward and requires applicants to provide basic information, including their name, age, address, and business details.
Applicants are also required to provide a business plan, financial projections, and any other relevant information that can support their application.
After completing the application process, applicants will undergo a rigorous screening and selection process to determine their eligibility for the fund. Successful applicants will receive funding in the form of a loan, equity, or any other instrument deemed appropriate.
It’s important to note that the NYIF is not a grant and must be repaid with interest. However, the interest rate is very low, making it an attractive option for young entrepreneurs who need access to affordable credit to start or expand their businesses.
The NYIF is a significant step towards addressing the challenges faced by Nigerian youths in accessing affordable credit to start or expand their businesses. It’s a reflection of the government’s commitment to supporting young entrepreneurs in the country and creating a conducive environment for them to thrive.
In conclusion, the Nigeria Youth Investment Fund is a laudable initiative that provides Nigerian youths with the financial support they need to start or expand their businesses. With billions of naira available over a three-year period, the fund presents a significant opportunity for young entrepreneurs to access affordable credit and bring their innovative ideas to life. If you’re a young entrepreneur in Nigeria, visit the NYIF portal today and apply for the fund.