The Central Bank of Nigeria (CBN) has released the framework for Nirsal Microfinance Bank (NMFB) to commence the disbursement of N75 billion Nigeria Youth Investment Fund (NYIF).
CBN, in a statement by its development finance department, stated that the fund was a built-in strategy to effectively respond to the challenge of youth employment in Nigeria. It said the NYIF was developed to institutionally provide youth with a special window for accessing much needed funds, finances, business management skills and other inputs critical for sustainable enterprise development.
CBN said the NYIF aims to financially empower Nigerian youth to generate at least 500,000 jobs between 2020 and 2023 while the NMFB window will be funded with an initial take-off seed capital of N12.5 billion.
The apex bank says, individuals (unregistered businesses) and registered businesses can apply for the NYIF scheme. The individual is subject to n250, 000 maximum while registered businesses is subject to n3 million maximum.