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FG Flag-Off NYIF Application Process

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Joel Ajayi

The Federal government has officially flagged off the start of the National Youth Investment Fund applications process.

Minister of Youth & Sports Development t. Mr. Sunday Dare made this announcement on Thursday in Abuja when he addresses major unfolding issues relating to the initiative.

“It is my pleasure to address you as we record yet another milestone in our drive to increase the government’s investment in our youth, who we recognize as assets and not problems. This mindset is the impetus that propelled us to approach the Federal Executive Council to approve the Nigeria Youth Investment Fund (NYIF) as a ringfenced Fund for the Nigerian youth, our own sort of a Youth Bank.

“The Federal Executive Council on July 22, 2020, thus approved the Nigeria Youth Investment Fund (NYIF) to the tune of N75 billion spread over three years to cater to youth-owned businesses and investment needs. Following the approval, the Ministry of Youth and Sports Development set up three distinct bodies to work out the operationalization of the Fund.

“These are A Steering Committee which is chaired by me with the Honourable Minister of Finance, Budget and National Planning, Minister of Women Affairs and Social Development, Minister of Industry, Trade and Investment and the Governor of the Central Bank of Nigeria as members.

 

“There is also the Technical Committee chaired by the Permanent Secretary, Ministry of the Youth and Sports Development with other members drawn from the relevant MDAs with representatives from the CBN, the Ministry of Finance, Budget and National Planning among others. More importantly, there is the Focal Group, largely made up of youth that was selected based on their knowledge and specialized areas of expertise with the major task of being a springboard for gauging youth’s perception, expectations, and input to the Fund.

 

“I am pleased to inform you that membership of the three groups is on the basis of volunteer work and is therefore unpaid. The commitment with which they worked ensured that we are able to rapidly get to the stage we are at today. For me, this commitment signifies the drive and passion that the Nigerian Youth are renowned.

 

“These three groups were within this short time able to harmonize the input of stakeholders such that the delivery vehicle that guarantees access for all eligible youth was immediately prepared to commence the application, processing, and disbursement of the Fund. The assignment of the three groups culminated in NISRAL Microfinance Bank being selected as a disbursement agency, given its reach and spread which ensure that youth across the country have access to apply for the Fund.

 

“I must mention the support we enjoyed from the Central Bank of Nigeria (CBN), which in line with Mr. President’s directive, provided the initial N12.5 billion naira required for the Fund to operate in the remainder of the year 2020. We are also grateful that the Ministry of Finance, Budget, and National Planning has on its part committed to providing the next tranche of the Fund in the 2021 Budget.

 

“With the great work put in place by stakeholders and in line with Mr. President’s desire to increase investment in the youth, the loan provided under NYIF has an interest rate of 5% per annum. Youth applying as an individual or non-registered businesses are able to draw up to two hundred and fifty thousand nairas (₦250,000.00), while youth-owned registered businesses can apply for up to three million naira (₦3,000,000.00). Loans are with a tenure of five years and a moratorium of up to 12 months.

 

“Our commitment to seeing the youth succeed is such that the loan is bundled with training that will ensure business sustainability for successful applicants. It is my belief that the Fund will grow to become a permanent feature of our society when beneficiaries run successful businesses and repay their loans.

 

It is the least that beneficiaries of this round of Funding can do for those coming after them.

“It is therefore my pleasure to officially announce the start of the NYIF application process.

However, application is available online on NISRAL Microfinance Bank’s site, www.nmfb.com.ng . Applicants can also visit our website, www.youthandsport.gov.ng and www.noya.ng.

 

Speaking also was the permanent Secretary Ministry in of Youth Mr. Gabriel Aduda he expressed: “It’s historic in any way, it’s happening for the first time for the Development all Nigerians Youth.”

He commended President Muhammadu Buhari and the Ministry of Youth.

Also Speaking the representation of Central Bank of Nigeria CBN  the Director of Development Finance  Department Mr. Philip Yila Yusuf commended the creativity of the Minister of Youth and Sports Development.

According to him, the process is quite democratic, we are encouraging all youth to apply to contribute to national development N12.5billion is readily available for youth to grab.

 

 

 

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NELFUND: The Renewed Hope Engine Propelling Nigeria’s Youth into Tomorrow

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By Dayo Israel, National Youth Leader, APC

As the National Youth Leader of the All Progressives Congress, I have spent most of my tenure fighting for a Nigeria where every young person, regardless of their ward or local government, family income, or circumstance, can chase dreams without the chains of financial despair.

Today, that fight feels like victory, thanks to the Nigerian Education Loan Fund (NELFUND). Launched as a cornerstone of President Bola Ahmed Tinubu’s Renewed Hope Agenda, this initiative isn’t just a policy tweak; it’s a revolution. And under the steady, visionary hand of Managing Director Akintunde Sawyerr, NELFUND has transformed from a bold promise into a roaring engine of opportunity, disbursing over ₦116 billion to more than 396,000 students and shattering barriers for over a million applicants.

Let’s be clear: NELFUND was always destined to be a game-changer. Signed into law by President Tinubu on April 3, 2024, it repealed the outdated 2023 Student Loan Act, replacing it with a modern, inclusive framework that covers tuition, upkeep allowances, and even vocational training—ensuring no Nigerian youth is left on the sidelines of progress.

But what elevates it from groundbreaking to generational? Leadership. Enter Akintunde Sawyerr, the diplomat-turned-executioner whose career reads like a blueprint for results-driven governance. From co-founding the Agricultural Fresh Produce Growers and Exporters Association of Nigeria (AFGEAN) in 2012—backed by icons like former President Olusegun Obasanjo and Dr. Akinwumi Adesina—to steering global logistics at DHL across 21 countries, Sawyerr brings a rare alchemy: strategic foresight fused with unyielding accountability.

As NELFUND’s pioneer MD, he’s turned a fledgling fund into a finely tuned machine, processing over 1 million applications since May 2024 and disbursing ₦116 billion—₦61.33 billion in institutional fees and ₦46.35 billion in upkeep—to students in 231 tertiary institutions nationwide. That’s not bureaucracy; that’s brilliance.

Sawyerr’s touch is everywhere in NELFUND’s ascent. Since the portal’s launch, he’s overseen a digital ecosystem that’s as transparent as it is efficient—seamless verification, BVN-linked tracking, and real-time dashboards that have quashed misinformation and built trust. In just 18 months, the fund has empowered 396,252 students with interest-free loans, many first-generation learners who might otherwise have dropped out.

Sensitization drives in places like Ekiti and Ogun have spiked applications — 12,000 in a single day in one instance, while expansions to vocational centers in Enugu pilot the next wave of skills-based funding. And amid challenges like data mismatches and fee hikes, Sawyerr’s team has iterated relentlessly: aligning disbursements with academic calendars, resuming backlogged upkeep payments for over 3,600 students, and even probing institutional compliance to safeguard every kobo. This isn’t management; it’s mastery—a man who doesn’t just lead but launches futures.

Yet, none of this happens in a vacuum. President Tinubu’s alliance with trailblazers like Sawyerr is the secret sauce securing Nigeria’s tomorrow. The President’s Renewed Hope Agenda isn’t rhetoric; it’s resources—₦100 billion seed capital channeled into a system that prioritizes equity over elitism. Together, they’ve forged a partnership where vision meets velocity: Tinubu’s bold repeal of barriers meets Sawyerr’s boots-on-the-ground execution, turning abstract policy into tangible triumphs. It’s a synergy that’s non-discriminatory by design—Christians, Muslims, every tribe and tongue united in access—fostering national cohesion through classrooms, not courtrooms.

As Sawyerr himself notes, this is “visionary leadership” in action, where the President’s political will ignites reforms that ripple across generations.

Why does this matter to us, Nigeria’s youth? Because NELFUND isn’t handing out handouts—it’s handing out horizons. In a country where 53% of us grapple with unemployment, these loans aren’t just funds; they’re fuel for innovation, entrepreneurship, and endurance.

Picture it: A first-generation polytechnic student in Maiduguri, once sidelined by fees, now graduates debt-free (repayments start two years post-NYSC, employer-deducted for ease) and launches a tech startup. Or a vocational trainee in Enugu, equipped with skills funding, revolutionizing local agriculture. This is quality education that endures—not fleeting certificates, but lifelong launchpads. Sawyerr’s focus on human-centered design ensures loans cover not just books, but bread—upkeep stipends of ₦20,000 monthly keeping hunger at bay so minds can soar. Under his watch, NELFUND has debunked doubts, refuted fraud claims, and delivered results that scream sustainability: Over ₦99.5 billion to 510,000 students by September, with 228 institutions on board.

As youth leaders, we see NELFUND for what it is: A covenant with our future. President Tinubu and MD Sawyerr aren’t just allies; they’re architects of an educated, empowered Nigeria—one where poverty’s grip loosens with every approved application, and innovation blooms from every funded desk. This isn’t charity; it’s an investment in the 70 million of us who will lead tomorrow.

We’ve crossed one million applications not because of luck, but leadership—a duo that’s turning “access denied” into “future unlocked.”

To President Tinubu: Thank you for daring to dream big and backing it with action.

To Akintunde Sawyerr: You’re the executor we needed, proving that one steady hand can steady a nation.

And to every Nigerian youth: Apply. Graduate. Conquer.

Because with NELFUND, your generation isn’t just surviving—it’s thriving, enduring, and eternal.

The Renewed Hope isn’t a slogan; it’s our story, now written in scholarships and success. Let’s keep turning the page.

Dayo Israel is the National Youth Leader of the All Progressives Congress (APC).

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