The Minister of Youth and Sports Development Minister, Mr Sunday Dare, on Thursday, inaugurated the application for the Nigeria Youth Investment Fund in Abuja.
The Federal Executive Council on July approved the Nigeria Youth Investment Fund to the tune of N75bn spread over three years to cater to youth owned businesses and investment need.
Youths applying as individuals or non-registered businesses would be able to draw up to N250,000, while youth owned registered businesses could apply for up to N3m, he said.
According to him, the loans have five years tenure with moratorium of up to 12 months.
He said NISRAL Microfinance Bank was selected as disbursement agency, given its reach and spread which would ensured that youths have access to apply for the fund.