As part of the Federal Government‘s responsibility to invest in the youths, it has inaugurated the application for the Nigeria Youth Investment Fund in Abuja.
This was announced in a statement by the Minister of Youth and Sports Development Minister, Mr Sunday Dare, who inaugurated the application for the investment fund on Thursday.
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The statement, titled ‘Minister flags off application for Nigeria Youth Investment Fund’, was read by the minister while addressing the press in Abuja. He 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 recognise as assets and not problems.
“This mindset is the impetus that propelled us to approach the Federal Executive Council to approve the Nigeria Youth Investment Fund as ring-fenced fund for the Nigerian youth, our own sort of a youth bank.
“The Federal Executive Council on July 22, 2020 thus approved the Nigeria Youth Investment Fund to the tune of N75bn spread over three years to cater to youth-owned businesses and investment need.”
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He said the Central Bank of Nigeria, in accordance with the Federal Government’s directive, provided an initial sum of N12.5bn required to sustain the fund in the remainder of 2020.
“We are also grateful that the Ministry of Finance, Budget and National Planning has on its part committed to providing the next tranche of the fund in the 2021 Budget,”
He said youths applying as one-man or non-registered businesses would be able to withdraw up to N250,000, while youth-owned registered businesses could apply for up to N3m.
He disclosed that the loans had five years tenure with a moratorium of up to 12 months.
According to him, NISRAL Microfinance Bank was designated as a disbursement agency, as its reach and spread ensured youths across the country had access to apply for the fund.
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