Dare said at the launch of application for the fund in Abuja that the NYIF underscored the importance placed on youths by the current administration

He said that the fund would be spread over three years to cater for youth-owned businesses and investment needs.

He added that “I must mention the support we enjoyed from the Central Bank of Nigeria (CBN), which in line with President’s directive, provided the initial N12.5 billion required for the Fund to operate in the remaining part of the year 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.”

The minister said that the loan provided under the NYIF has an interest rate of five per cent per annum.

He explained that any youth who wished to apply as an individual, or a non-registered business could draw up to N250,000.

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He added that the youth-owned registered businesses could apply for up to N3 million.

Dare said that the loans are with a tenor of five years and moratorium of up to 12 months.

“Our commitment to see the youth succeed is such that the loan is bundled with trainings that will ensure business sustainability for successful applicants.

“It is my belief that the fund will grow to become a permanent feature of our society, where beneficiaries run successful businesses and repay the loans,” he said.

According to the minister, the application is available online on NIRSAL Microfinance Bank’s site — www.nmfb.com.ng.

“Applicants can also visit our website on — www.youthandsport.gov.ng and www.noya.ng,” he said.