Minister of Youth and Sports Development, Sunday Dare, has launched the N75bn Nigeria Youth Investment Fund in Abuja.
In a chat with members of the press, 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 recognize as assets and not problems.”
“The Federal Executive Council on July 22, 2020 approved the Nigeria Youth Investment Fund to the tune of N75bn spread over 3 years, to cater to youth owned businesses and investment needs.”
Dare noted that in line with the Federal Government’s directive, the Central Bank of Nigeria provided the initial N12.5bn required for the fund to operate for the remainder of 2020, while the Ministry of Finance, Budget and National Planning had committed to provide the next tranche of the funds in the 2021 budget.
The minister said that the loan has an interest rate of 5%, a 5-year tenure with moratorium of up to 12 months, and youths applying as individuals or unregistered businesses can draw up to N250,000, while youth owned registered businesses can apply for a maximum of N3m.
He added that NISRAL Microfinance Bank was selected as disbursement agency because of its wide reach, thus guaranteeing easy access by interested youths.