You can now check and see full details on how to access the N75 Billion Nigerian Youth Investment Fund if you qualify.
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Innovators and likewise other startups looking to access funds can only request funds ranging from N250,000 to N50million with a spread across group applications.
Recall that Diutocoinnews announced the approval of the Nigerian Youth Investment Fund by the Federal Government. Many Nigerians were excited of the new development while it was hard for some to believe it.
The funding is open to all kinds of innovators looking to create and build for the good of the economy of the country. Blockchain startups with founders within the age bracket of 18 – 35 can apply.
Now the Federal Government has finally released full details and steps to access the funds and luckily get funding.
Follow the steps below to access the funding and get full details you need to know about the scheme:
- Potential beneficiaries are expected to have a fundable business idea.
- Registered business
- Must be a citizen of Nigeria
- Present recognised means of identification and guarantors.
Note: All applications are within the ambits and control of the Ministry of Youth and Sports Development.
Who provides fund:
The Ministry of Finance, Budget and National Planning (MFBNP) and the Central Bank of Nigeria (CBN) will provide the financing to kick-start the Nigeria Youth Investment Fund (NYIF).
Loan Life Span:
The loan will be disbursed via a minimum of N25 billion each year in the next 3 years, totalling N75billion. At present, around N12.5 billion will be needed to kick start the NYIF.
While in the coming years, a minimum of N25 billion each will be released until threshold is reached. The funds is open to 500,000 Nigerian students each year.
How to Receive Funds:
All funds will be released through various channels like Micro Credit Organisations across the country under the Central Bank of Nigeria supported by BOI, Fintech Organisations and Venture Capital Organisations registered with the CBN.
Individual applications, working capital loan set as one year and term loan set at three years will come with a single-digit interest rate of 5 percent.