More than 1 million applications have been submitted for the Nigeria Youth Investment Fund (NYIF).

President Muhammadu Buhari gave the update Sunday night via Twitter.

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.

In July, the federal government approved the establishment of the programme 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 micro finance, finance firms and deposit money banks.

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