Minister of Youth and Sports development shade more light about NYIF loan disbursement, interest % and duration of the loan check the full details here.
The Minister of Youth and Sports Development, Sunday Dare said that the loan, provided under the NYIF, has an interest rate of 5% per annum and a tenor of 5 years with a moratorium of up to 12 months. The fund would be spread over 3 years to cater for youth-owned businesses and investment needs.
Successful applicants will undergo 5 days of compulsory online training which is free. Fund approval will range from N250,000 to N5,000,000 with a spread across group applications, individual applications, working capital loans set at 1 year, and term loans set at 3 years.