How To Apply For Nigeria Youth Investment Fund 2023?
The Nigeria Youth Investment Fund application portal is now open. You can now access a credit facility of up to N3 million through the Federal Government of Nigerian Youth Investment Fund program, which is aimed at young individuals and business owners.
The program is dedicated to investing in the innovative ideas, skills, and talents of Nigerian youth to transform them into entrepreneurs, wealth creators, and employers. The Nigerian Youth Investment Fund (NYIF) was established at the initiative of the Federal Ministry of Youth and Sports Development (FMYSD) and funded by the Central Bank of Nigeria (CBN).
- Program Sponsor(s): The Federal Government of Nigeria
- Program Type: Youth Investment Fund (Investment Loans)
- Program for individuals and entrepreneurs (young entrepreneurs only)
- Financing Amount: N250,000 to N3,000,000
- Loan term: 5 years
- Interest rate: 5% per annum (all-inclusive).
About Nigerian Youth Investment Fund
The Nigerian Youth Investment Fund NYIF is a government initiative established to boost the Nigerian economy through leverage and access to finance for young people.
The Fund hopes to act as a catalyst to unleash the potential of young people and enable many of them to build businesses that will increase employment rates.
NYIF aims to reach 500,000 young people annually between 2020 and 2023. Each fund approval ranges from N250,000 to N50,000,000 with a breakdown of group applications, individual applications, working capital loans with a maturity of 1 year, and term loans for 3 years with a single-digit interest rate of 5%.
Withdrawals are made through various channels including microfinance, financial companies, and depository banks which are regulated by the Central Bank of Nigeria and supported by the Bank of Industry.
Start or grow your own business with the help of a government-sponsored loan and free business help. A great alternative for individuals looking for business loans to finance their business.
Nigerian Youth Investment Fund Pros
- Low interest
- No collateral
Nigerian Youth Investment Fund Disadvantage
- Numerous documents required
- Existing profitable business required
Nigerian Youth Investment Fund Admission Requirements
- Official government identification
- Applicant must be between 18 and 35 years old
- Forms for notarial guarantors
- Passport photos
- Bank verification number
- Training certificate
- Suitable business idea
- Registered trade
- Nigerian citizenship
- NYSC Certificate for graduate
How To Apply For Nigeria Youth Investment Fund | More detail
If you want to apply for and participate in the Nigerian Youth Investment Fund program, read the details (below);
Admission and Selection Criteria
The selection of candidates for the Nigerian Youth Investment Fund is based on the following eligibility criteria;
INFORMAL ENTERPRISES (INDIVIDUAL ENTREPRENEURS)
- Must be a Nigerian Teen, 18-35 years old
- Do you have an operating company/company based in Nigeria (Note: People with an unregistered company can also apply)
- Has not been convicted of financial crime in the past 10 years
- Valid bank verification number (BVN)
- Proof of local government certificate for indigenous peoples.
FORMAL ENTERPRISES – Youth-Owned Businesses
- Properly registered formal business enterprises (youth companies) with the Corporate Affairs Commission (CAC)
- Providing the summary of the business plan / or the completed questionnaire
- Evidence of training certificate from approved FMYSD EDIs
- Valid bank verification numbers (BVNs) of the directors + provisions for the tax identification number (TIN)
ELIGIBLE ACTIVITIES / COMPANIES
- Agriculture and related value chain
- Green economy and renewable energy sector
- Logistics and Supply Chain
- Healthcare value chain
- Creative area
Not eligible to participate: The following groups of people are not eligible to participate;
- Beneficiaries of NMFB loans (such as the Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS) that remain unpaid) are not eligible
- Beneficiaries of other government loan programs that remain unpaid are not eligible.
How To Apply For Nigeria Youth Investment Fund – Registration Procedure
Application: The Federal Government of Nigeria Youth Investment Fund application is online by completing the nyif application form on the Nigeria Youth Investment Fund website nyif.nmfb.com.ng based on the information provided on noya.ng. Participation in the program involves the following steps;
Step 1: Start training
Candidates for mandatory entrepreneurship training at an EDI approved by the Federal Ministry of Youth and Sports Development (FMYSD)
Step 2: Apply for credit
Successfully trained potential applicants to go to the NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.
Step 3: Submit your application
Eligible applicants successfully submit their applications through the NMFB portal.
Step 4: Approval
The NMFB will conduct a credit assessment following the risk assessment criteria and program guidelines, make an appropriate decision, and forward recommended applications to CBN for final approval.
Step 5: Disbursement
CBN assesses applications and gives final approval for payment to NMFB
Note: Application forms should be made available on the Nigeria Youth Investment Fund websites www.nyif.nmfb.com.ng and noya.ng (informative).
Click here to start the application