Nigeria Youth Investment Fund (NYIF) Application Portal nyif.nmfb.com.ng: Application is now open for the Nigerian Youth Investment Fund (NYIF).The application which started today been the 13th of October 2020 is opened to Nigerian Youths from the age of 18- 35 years. Nigerian youths wanting to apply for program need not have a registered business or existing business.
The Nigeria Youth Investment Fund is an Initiative of the Federal Ministry of Youth and Sports Development funded by the Central Bank of Nigeria. As per the time of this publication, you can now register for FG’s N75bn youth investment fund.
On July 22, Sunday Dare, minister of youth and sports development, announced that the federal executive council approved the establishment of NYIF to the tune of N75 billion.
The NYIF is dedicated to investing in the innovative ideas, skills, talents and enterprise of the Nigerian youth with the aim of turning them into entrepreneurs.
In this vein, Mediangr.com.ng will be sharing with your How to Apply for Nigeria Youth Investment Fund (NYIF), NYIF Application Portal and NYIF Application Requirements. Do well to share this article using the share buttons available on THIS PAGE. This will go a long way to assist other youths to be informed.
NYIF Application Portal & Requirements.
The Federal government has officially unveiled the registration portal for the N75 Billion Nigeria Youth Investment Fund (NYIF), thereby paving the way for interested young Nigerians between the age of 18-35 years old to apply.
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.
NYIF Application Portal Registration Eligibility.
Formal Business Enterprises – Youth Owned Enterprises
- Duly registered formal business enterprises (Youth owned enterprises) with Corporate Affairs Commission (CAC)
- Provision of Business plan Summary / Or Completed Questionnaire
- Evidence of Training Certificate from approved FMYSD EDIs
- Valid Bank Verification Number (BVNs) of Director
- Provision of Tax Identification Number (TIN)
Informal Business Enterprises (INDIVIDUAL/SOLE PROPRIETORS)
- Must be a Nigerian youth within the age bracket of 18 to 35yrs
- Have an operational business /enterprise domiciled In Nigeria (Those with unregistered business can also apply)
- Has not been convicted of any financial clime in the last 10 years
- Valid Bank Verification Number (BVN)
- Evidence of Local Government Indigene Certificate
Who’s Not Eligible to Apply for NYIS Loan?
- Beneficiaries of NMFB loans (such as Targeted Credit Facility TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS) that remain unpaid are not eligible to apply.
- Beneficiaries of other Government loan schemes that remain unpaid are not eligible to apply.
The fund aims to reach 500,000 youth annually between 2020 and 2023. Each fund approval will range from N250, 000 to N50, 000,000, with a spread across group applications, individual applications, working capital loans set at 1 year and term loans set at 3 years with single digit interest rate of 5%.
- GLOBAL LIMIT : N12.5 billion
FACILITY TYPE : Term Loan
SINGLE OBLIGOR LIMIT: Individual / Non registered Business: Up to #250.000.00 | Registered Businesses( Business Name, Limited liability/ Corporative Societies / Commodities Associations): Up to N3,000.000.00.
- LOAN TENOR : Maximum of 5 years
- MORATORIUM : Maximum of 12 months
- Repayment Structure : Repayment will be on installment basis inline with businesses and NMFB evaluation.
How to Apply for Nigerian youth investment fund (NYIF) Loan
If you are interested in applying for the Nigerian youth investment fund (NYIF). Kindly visit https://nyif.nmfb.com.ng/Applicants/New
NYIF Loan Latest News.
Sunday Dare, minister of youth and sports development had explained that the funding targets 500,000 youth annually.
He said a minimum of N25 billion will be disbursed each year over the next three years, totalling N75 billion.
Dare said for the remaining part of 2020, an initial sum of N12.5 billion will be needed to commence the NYIF.
He added that the initiative, which is part of President Muhammadu Buhari’s plan to address unemployment in the country, will be sustained by successive governments.
“The fund aims to reach 500,000 youth annually between 2020 and 2023. Each fund approval will range from N250,000 to N50,000,000, with a spread across group applications, individual applications, working capital loans set at 1 year and term loans set at 3 years with single digit interest rate of 5%,” he said.
The minister said disbursement of the fund will be through various channels, which will include micro credit organisations across the country the CBN supported by the Bank of Industry, fintech organisations and venture capital organisations registered with the CBN.
According to him, the ministry of finance, budget and national planning and the CBN will provide the initial financing for NYIF, while youth seeking to benefit from the fund must have genuine business ideas and registered business entities.
He added that such persons must be citizens of Nigeria and must be able to provide recognised means of identification and guarantors.