Nigeria: More than 1 million applications have been submitted for NYIF, says Buhari

Nigeria's President, Muhammadu Buhari has said that more than 1 million applications have been submitted for the Nigeria Youth Investment Fund (NYIF), according to a news report by Today.

Buhari gave the update on November 1 night via his official Twitter account. The website, https://nyif.nmfb.com.ng/, became operational three weeks ago.

"Over a million applications have already been received since the 75 billion Naira Nigeria Youth Investment Fund (NYIF) Portal went live on Oct 12, 2020.

"This Fund will invest in the innovative ideas, skills, and talents of young Nigerians", Buhari tweeted.

Over a million applications have already been received since the 75 billion Naira Nigeria Youth Investment Fund (NYIF) Portal went live on Oct 12, 2020. This Fund will invest in the innovative ideas, skills and talents of young Nigerians: https://t.co/VBBcMyDsXo#NationalYouthDay pic.twitter.com/ot309rHgSC

— Muhammadu Buhari (@MBuhari) November 1, 2020

In July, the federal government approved the establishment of the program to run from 2020 to 2023.

The initiative seeks to boost the Nigerian economy through finance for young citizens. The target is 500,000 youths each year.

Fund approval will range from N250,000 to N50, 000,000 for individual and group applications.

Working capital loans are set at 1 year and term loans set at 3 years with an interest rate of 5 percent.

The fund will be disbursed through microfinance, finance firms, and deposit money banks.