14th October, 2020
The application portal for the N75 Billion Nigeria Youth Investment Fund, NYIF is now officially open.
The Fund announced the take-off of the fund today, even as the youth are busy waging a campaign to end SARS and SWAT.
“Dear Nigerian Youth,
“We appreciate your recent actions against oppression and Brutality. However, while you’re figting for the right course, Do not forget that Registration for the Nigerian Youth Investment fund which ₦75Bn was awarded to is ongoing.
“Kindly Register that your business or idea to get it funded by the CBN as we push to make a positive impact on our economy through your youthful strength and energy”.
Youth with business ideas that require funding can apply for the fund through the following link:
President Buhari and the Federal Executive Council approved the fund to help the realisation of business ideas of Nigeria’s teeming youthful population.
It is dedicated to investing in the innovative ideas, skills, talents and enterprise of the Nigerian Youth and aimed at turning them into Entrepreneurs, Wealth Creators and Employers of labour contributing to national development.
In approving the fund, Buhari considered Nigerian youth as resource to be harnessed and not a problem.
“The Fund will serve as a catalyst to unleash the potential of the youth and enable many of them build businesses that will employ and in turn empower others”, said Gabriel Aduda, the Permanent Secretary, Federal Ministry of Sport and Youth Development.
“A multiplier effect of economic expansion and growth required to thrive in an increasingly competitive and connected world where adding value is the only sustainable pathway to success is expected to be achieved,” Aduda said in the preliminary information about the fund.
According to him, a minimum of N25 billion each year in the next 3 years, totalling N75Billion will be required to ring fence the NYIF.
“For the remaining part of 2020 an initial sum of N12.5 billion will be needed to kick start the NYIF. It is expected that successive governments will keep the Fund, akin to a Youth Bank, alive.