The Federal Nigerian Youth Investment Fund is an initiative of the Federal Government of Nigeria has launched the Nigeria. It was setup to help youths achieve their dreams of being self reliant through the proliferation of the in Youth Investment Funds Program.
But, have you wondered what the program is, its primary objective, target youth category, what you require to participate, and so many other questions that should naturally come to mind?
If you are like me, I bet you have.
During the launch of the program, Sunday Dare, the Minister for Youth and Sports Development, said that the NYIF underscored the importance placed on youths by the current administration.
The Minister said that the Fund, which is an initiative of the Federal Ministry of Youth and Sports Development and funded by the Central Bank of Nigeria (CBN), would be spread over three years to cater to youth-owned businesses and investment needs.
The Fund is to help youths with bankable business ideas fund their businesses.
Contents
Types of Businesses That Get Funding for the NYIF
- Agriculture and related value chain
- Construction
- Logistics and supply chain
- Healthcare value chain
- Technology/ Innovation
- Creative sector
- Green Economy and Renewable energy sector
- Manufacturing
- Hospitality/Tourism
- Trading and Services
The NYIF Interest Rate
The loan provided under the NYIF has an interest rate of 5% per annum. Youth applying as an individual or non-registered businesses can draw up to two hundred and fifty thousand Naira (₦250,000.00). In contrast, youth who own registered companies can apply for up to three million Naira (₦3,000,000.00).
ELIGIBILITY CRITERIA
- Official Government Identification
- Applicant must be between the ages of 18 and 35 years old
- Notarized Guarantor Forms
- Passport photographs
- Bank Verification Number
- Training Certificate
- Fundable business idea
- Registered business
- Nigeria Citizenship
- NYSC certificate for graduates
Other criteria (Sole Proprietors)
- Be between ages 18 and 35
- Have business/enterprises domiciled and operational in Nigeria
- Has a clear financial crime record from the last 10 years
- Has a valid Bank Verification Number (BVN)
- Possess Local Government Indigene Certificate
Formal Business Enterprises
- Evidence of registration with Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A)
- Business questionnaire
- List of Directors with BVN numbers
- Evidence of regulatory approvals will be provided on demand
- Tax Identification Number (TIN)
In you need help registering your new business, call 07051114444
Loans are with a tenure of five years and moratorium of up to 12 months.
There are, however, some criteria that must be met to give you eligibility to draw from the loan’s pool of Funds – you can get details of the NYIF requirements here.
On the sustainability of the initiative, the minister said: “It is my belief that the fund will grow to become a permanent feature of our society, where beneficiaries run successful businesses and repay the loans.”
What are The Application Portals for the Nigerian Youth Invest Fund (NYIF) loan?
www.nyif.nmfb.com.ng; and the ministry’s website, www.youthandsport.gov.ng or www.noya.ng
If you need help with processing your loan application for the NYIF or need a bankable business idea with a business plan, then send an SMS or a Whatsapp chat to 07051114444 now.
Ineligibility
Applicants who are a active part of any other NMFB loan scheme – the targeted credit facility (TCF) and agribusiness/small and medium enterprises investment scheme (AgSMEIS) and active beneficiaries of other government loan schemes that remain unpaid are not eligible to benefit from the NYIF.
