According to report reaching OYOGist.com, the Central Bank of Nigeria has released the framework for NIRSA microfinance bank to commence the distribution of the N75 billion Nigeria Youth Investment Fund.
The Federal Executive Council on July 22, 2020 approved the funds for the period of 2020-2023.
The fund will target Investment in the creative skills, business ideas and talents of Nigerian youths between the age of 25-35 years old, anybody between this age group are expected to apply.
Successful applicants are to undergo a compulsory training approved by the Federal Ministry of Youth and Sports Development.
According to President Muhammadu Buhari, over a million people have already been received.
The vision of this scheme is to empower Nigeria Youth and generate at least 500.000 jobs between the period of 2020-2023.
According to the scheme, the loan period is maximum of 5 years depending on the nature of the business or assets acquired with an interest rate of 5 percent per annum.
