The Minister of Youths and Sports Development, Mr. Sunday Dare has
inaugurated an application for the Nigeria Youth Investment Fund in
Abuja.
Ekwi Ajide of our Abuja Bureau reports that the Minister while
addressing the press described it as another milestone in the drive to
increase government’s investment in youths.
He said it is the mindset that propelled him to approach the Federal
Executive Council to approve a sort of youth bank in the Nigeria Youth
Investment Fund as ring-fenced Fund for the Nigerian youth.
According to him, the Federal Executive Council approved the Nigeria
Youth Investment Fund to the tune of seventy five billion naira spread
over three years to assist youths in various businesses and
investments.
Mr. Dare stressed that following the approval, the Ministry of Youth
and Sports Development sets up three distinct bodies to work out the
operationalization of the Fund adding that though unpaid, their
commitment ensured the rapid results get to the stage we are at today.
He said the loan provided under Nigeria Youth Investment Fund has an
interest rate of five percent per annum and youth applying as
individual or non-registered businesses are able to draw up to two
hundred and fifty thousand naira while youth owned registered
businesses can apply for up to three million naira.
The Minister said that the loans are with a tenure of five years and
moratorium of up to twelve months.
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