Last month, the Federal Government of Nigeria released instructions on how to access the N75 billion Micro, Small and Medium Enterprises (MSME) Survival Fund. The loan, provided under the Nigeria Youth Investment Fund (NYIF), has an interest rate of 5% per annum and maturity of 5 years with a moratorium of up to a year.
The program took effect from September 21, 2020. This fund is part of the N2.3 trillion stimulus package of the Nigerian Economic Sustainability Plan. The links are now live (the sites are crashing due to traffic; so, patience please. Update: They have pulled them down with “coming soon”. But according to the youth minister, the links are below.):
- NIRSAL Microfinance Bank’s site, www.nmfb.com.ng;
- Ministry’s website, www.youthandsport.gov.ng