For 2019, the percentage of unemployed youth for Nigeria stands at nearly 14% according to data estimates released by the International Labor Organization.
Di Nigeria goment also said that the unemployment level for di kontri will rise to 33.5% by 2020.
To help solve this challenge, President Muhammadu Buhari recently approved a sum of N75 billion to establish the Nigerian Youth Investment Fund, NYIF.
This approval came after a memo from the Minister of Sports and Youth Development, Sunday Dare to submit at the meeting of the Federal Executive Council to explain how the economy of the company will recover for better if it invests for the youth.
Minister Di explains that the Youth Investment Fund will be like a bank for young people to create easy access credits and subsidized loans to support innovative skills of young people, business, investment ideas , talents and entrepreneurial skills.
If young people have business ideas that can be financed, the microcredit banks under the Central Bank of Nigeria give them money to do business.
How the Nigeria Youth Investment Fund will work
According to the Minister of Youth of the Nigeria Youth Investment Fund, no contracts, allowances, empowerment programs or any other stopgap measures that we have not done before in the past, they are different because they give young people the opportunity to become independent, entrepreneur, creator of wealth and employer of labor.
You have to have an idea that is fundable, achievable and that is a business idea and therefore an investment. Di kontri dey take risks and di kontri dey make resources available to di young people for the first time in a direct way, an opportunity for young people to become extremely successful “.
The Ministry of Youth and Sports Development does not initiate the process of functioning of the Youth Bank and all the necessary legal documents are required. They also worked with the Central Bank of Nigeria and the Ministry of Finance, Budget and National Planning and relevant agencies to find the money and launch the program.
Oga Sunday says they hope to say the project kicks off for the first week of September 2020 and aims to get 500,000 young people to enroll for the first year in a three-year program. E say they will divide di N75bn for three years, N25bn for each year.
Beneficiaries get fit and easily access a soft loan of 250,000 to 50 million naira at an interest rate of 5% depending on their business ideas. Dem called in individually or in groups.
This money has only one purpose and is only intended to fund business ideas, innovative ideas, talents, skills and youth enterprises.
Who are eligible and how to apply for the Nigeria Youth Investment Fund
Di’s program will hopefully start in September and applicants will be needed if they apply for a youth investment fund.
- The candidate must be Nigerian and be between 18 and 35 years old.
- Graduate must complete NYSC
- Non-graduates obtain any form of identity
- The applicant should get a simple business proposal with capital, profit margin, overhead, market, and hope to be able to do business.
- Young people must submit an idea to be fundable.
- National ID card, INEC registration card or Nigerian passport
- A guarantor
- Registered company
- Bank Verification Number
Di dey departments always examine wetin pipo go need to get date so don’t go dey difficult as if you wanted to collect a normal business loan.