More than one million Nigerians have already applied to receive the federal government survival grant about three weeks after the portal opened.
This was confirmed by President Muhammadu Buhari in a tweet where he wrote:
“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.”
We understands the government plans to give cash grants ranging from N250,000 to N50, 000,000 for individual and group applications to Nigerians with the expectation that such funds will be used to invest in business ideas and boost the economy.
The target is 500,000 youths each year.
Meanwhile, the federal government has announced a new website for Nigerians to access the Macro, Small, and Medium Enterprises (MSMEs) Survival Fund.
The government had explained that the fund is to cushion the impact of COVID-19 on Nigerians through the Micro, Small and Medium Enterprises, MSMEs, supportive initiatives.
This, it plans to do by making available N75bn for Nigerian Micro, Small, and Medium Enterprises as 100% grants.
Registration for the fund began earlier but those who wished to apply had been having difficulties registering for the funds.
This prompted the government to announce a fresh website for Nigerians to access the fund, noting that the new portal will open on Sunday, 1st November, 2020.
Mariam Katagum, Minister of State for Industry, Trade, and Investment, gave the update in a statement on Saturday, noting that operational challenges are responsible for the change.
The new website can be accessed here.
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