The Federal Ministry of Youth and Sports Development (FMYSD) and the Central Bank of Nigeria (CBN) came up with the idea for the Nigerian Youth Investment Fund (NYIF), which is funded by the Central Bank of Nigeria (CBN). The goal of the NYIF is to invest in young people’s ideas for businesses that will last and create jobs in Nigeria.
The fund’s goal is to invest in the innovative ideas, skills, and talents of young Nigerians so that they can become entrepreneurs, make money, and hire people, which will help the country grow.
The plan is for young people between the ages of 18 and 35. It describes the steps that need to be taken to help businesses start up, grow, and hire young people in important economic and social sectors.
Objectives of the Scheme
Access
To help the country grow, make it easier for young people and businesses owned by young people to get money.
Employment
Create much-needed jobs for young people to stop them from being restless.
Training
Help young people learn how to be good managers and develop their potential so that they can run the big companies of the future.
Aims
The goal of the NYIF is to give Nigeria’s young people the money they need to create at least 500,000 jobs between 2020 and 2023.
Dedicated to investing in the innovative ideas, skills, and talents of young Nigerians in order to turn them into business owners, people who make money, and people who hire other people to do work.
NYIF Loan Eligibility
There are two kinds of people who can apply for a loan from the Nigerian Youth Investment Fund (NYIF):
- Individuals/Non-registered Businesses
- Registered Businesses
Individuals / Non-registered Businesses
- Individuals within the age bracket of 18 to 35 years
- Has a valid BVN and means of ID
- Provision of Business plan Summary or Completed Questionnaire
- Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs)
Registered Businesses
- Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)
- Business plan Summary or Completed Questionnaire
- Valid Bank Verification Number (BVNs) of Directors
- Provision of Tax Identification Number (TIN)
- Entrepreneurship Training Certification from FMYSD EDIs
Required Documents
Here are the documents you need to get a loan from the Nigerian Youth Investment Fund (NYIF):
- Training Certificate from approved FMYSD EDIs
- Evidence of registration with the Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A)
- Valid Bank Verification Number (BVN) for Individuals and Directors
- Evidence of Local Government Indigene Certificate
- Duly completed Application form
- A copy of your Birth Certificate
- Valid Tax Identification Number (TIN)
- A Summary Business plan / Questionnaire
- Valid means of Identification (Voter’s Card, Drivers license,
- National ID/NIN Slip & International passport)
- Automated two years bank statement analysis
Eligible Activities & Businesses
The following are the categories of businesses eligible for the Nigerian Youth Investment Fund (NYIF) loan;
- Technology/ Innovation
- Agriculture and related value chain
- Green Economy and Renewable energy sector
- Manufacturing
- Hospitality/ Tourism
- Construction
- Logistics and supply chain
- Healthcare value chain
- Creative sector
How to Apply for NYIF Loan
Here are the documents you need to get a loan from the Nigerian Youth Investment Fund (NYIF):
The time needed: 1 minute.
Application procedures for NYIF loan
- Get Trained
Applicants must take a mandatory business training course with a Federal Ministry of Youth and Sports Development (FMYSD)-approved EDI.
- Apply for Loan
Those who have been trained and want to apply for a loan should go to the NIRSAL Microfinance Bank (NMFB) portal.
- Submit an Application
Eligible applicants submit applications successfully on NMFB’s portal.
- Get Approval
NMFB looks at loan applications based on the Risk Assessment Criteria and program rules, decides what to do, and sends the best ones to CBN for final approval.
- Disbursement
CBN reviews applications and gives final approval for disbursement to NMFB
Security Features
- Execution of letter set–off (required to activate the Global Standing Instruction [GSI])
- Execution of Offer Letter
- Execution of letter of domiciliation of sales proceeds where applicable
- Registration of immovable and movable assets on the National collateral registry (NCR) where applicable
Repayment Structure
Repayment would be on an installment basis in line with businesses and NMFB credit evaluation.
Terms and Conditions
- Acquired immovable and movable collateral options shall be registered under the National Collateral Registry (NCR)
- Execution of Offer Letter
- Execution of GSI Mandate
- Forfeiture Undertaking and Power of Attorney agreement to be signed by the customer, giving NMFB rights to take over pledged assets in the instance of loan default.
- The loan amount must match loan repayment and loan purpose.
Our Address
House 1, Plot 103 /104,
Monrovia Street, Wuse 2, Abuja
Our Contacts
+234 704 1800003, +234 901 0026900, +234 9010026905, +234 9010026907, 094621730
[email protected]
