The Federal Government’s N75 billion Nigeria Youth Investment Fund is already accepting applications (NYIF). The Federal Ministry of Youth and Sports Development (FMYSD) created the NYIF program, which is funded by the Central Bank of Nigeria (CBN), to offer investment loans to Nigerian youths and youth-owned companies.
Individuals or unregistered firms can apply for funding of up to N250,000, while youth-owned registered firms can seek funding of up to N3 million. The loans will be granted for a maximum of 5 years and will have a 5% annual interest rate.
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Eligibility For Nigeria Youth Investment Fund
Persons or single proprietors enrolling as individuals or sole proprietors must be between the ages of 18 and 35 and have a working business in Nigeria.
They must also have a local government of origin certificate and have not been convicted of any financial crime in the previous ten years.
Businesses must be properly registered with the Corporate Affairs Commission and have a business plan. They must have a TIN and a training certificate from one of the FMYSD’s authorized Entrepreneurship Development Institutes (EDIs).
To be eligible, all candidates must have valid Bank Verification Numbers.
How It Works
Applicants must complete a mandatory entrepreneurial training program with an EDI authorized by the Federal Ministry of Youth and Sports Development (FMYSD).
Request a Loan
Prospective borrowers who have completed the training go to the NIRSAL Microfinance Bank (NMFB) site to apply for a loan.
Send in your application
On the NMFB’s site, eligible candidates successfully submit their applications.
NMFB assesses loans in accordance with the Risk Assessment Criteria and the program guidelines, makes suitable decisions, and forwards suggested applications to the CBN for final approval.
CBN evaluates applications and grants final permission for NMFB payout.
How To Register/Apply For Nigeria Youth Investment Fund
To apply for the Nigeria Youth Investment Fund (NYIF), follow these five simple steps:
Submit an application through the NYIF Portal.
Log on to nyif.nmfb.com.ng on your phone or computer to begin your application. To continue, click “Apply Here.”
Fill up the blanks with your personal information.
Your first, middle and last names should all be entered. Your surname is the same as your last name. Correctly enter your 11-digit BVN. To proceed, click “Next.”
Fill up the blanks with your address.
Your date of birth will automatically load if your BVN has been properly confirmed. Fill in your phone number, email address, and gender.
Fill in your home address, as well as your state and local government areas. This is your home address, as well as the state and local government region in which you reside. Make another check to make sure there aren’t any mistakes. To proceed, click “Next.”
Choose your educational level and zone.
Enter your geopolitical zone – North West, North East, North Central, South West, South East, or South-South – at this point.
Choose your home state and local government jurisdiction. Except for the fact that you live in your state of origin, these are distinct from your state and municipal government areas of residency.
To advance to the last round, select your greatest educational level and then click “Next.”
Submit after selecting the Training Center.
This is the last step in the application process. Simply select the desired training facility and indicate how you learned about the NYIF.
The 5-day course is completely free and will take place entirely online. To complete, check the declaration box and click “Submit.”
Frequently Asked Questions About Nigerian Youth Investment Fund( NYIF FAQ)
1. How much do I have access to?
Households are eligible for a maximum of N3 million.
The loan amount for SMEs would be calculated based on the beneficiary’s activity, cashflow, and industry/sector size, up to a maximum of N25 million.
Working capital is limited to a maximum of 25% of the average yearly turnover over the preceding three years. (If the business is less than three years old, a quarter of the preceding year’s revenue will suffice.)
2. Do I need to put up a collateral to access this Loan?
No, however the National Collateral Registry (NCR) requires that all assets bought under the plan be registered. In addition, the Global Standing Instruction (GSI) requirement will be implemented to guarantee that loan obligors return their debts in full.
3. Can someone presently getting any CBN intervention fund access this loan?
No, you cannot access this facility except previous CBN intervention loan(s) has been fully repaid.
4. What is the objective of the New York International Film Festival?
The Nigerian Youth Investment Fund is devoted to investing in the Nigerian Youth’s creative ideas, skills, talents, and entrepreneurship, with the goal of transforming them into entrepreneurs, wealth producers, and labor employers that contribute to national progress.
5. What is the duration of the Nigeria Youth Investment Fund loan?
The maximum term of a loan is five years.
6. What is the maximum amount of money that a single applicant may borrow from the NYIF?
The maximum for a non-registered business or a person is N250,000, whereas the limit for a registered firm is N3,000,000.
7. What organization is in charge of the Nigeria Youth Investment Fund?
It is coordinated by the Federal Ministry of Youth and Sports Development (FMYD) and the Central Bank of Nigeria (CBN). The ministry’s mission is to promote the socioeconomic development of Nigerian youths and provide chances for self-improvement.
8. How can I obtain a copy of the application form for the year 2021?
The application form may be found at http://www.nyif.org/login/
9. What is the procedure for logging into my NYIF account?
Please go to http://www.nyif.org/login/ to see the NYIF’s shortlisted applicants.
10. Where can I train in respect to the NYIF program?
You must go to the nearest Entrepreneurship Institute recognized by the Federal Ministry of Youth and Sports Development (FMYD).
11. On the Nigerian Youth Investment Fund (NYIF) portal, how can I authenticate my BVN?
You must go to https://nyif.nmfb.com.ng/app, enter your BVN, and double-check that all of your information is right. If everything goes smoothly, you’ll be moved to the next page, and NYIF will give you an email verification.
12. What is the procedure for receiving my Nigerian Youth Investment Fund (NYIF) confirmation through email?
Log into your email account, go to your inbox or spam folder, and then click the email verification link. When you click it, you’ll be sent to the NYIF Loan Application portal, where you may fill out the required information and submit it.
13. How can I find out who has been shortlisted for the NYIF?
Through the NYIF web portal, you may access your account. After that, you’ll enter your login and password before scrolling down and selecting 2021 beneficiaries. Take a look at the list and look for your name.
14. What method will be used to distribute the loans?
Finance, microfinance, and deposit money institutions will disburse the NYIF loans to the recipients.
15. What if I completed the NYIF loan application but did not obtain the loan?
You don’t need to be concerned. It’s either not your time to receive the loan, or your bank account isn’t large enough to accept the full amount allowed.
16. What is the procedure for accepting and receiving my NYIF loan?
Simply go to the NYIF application portal and fill out the form. To check the status of a loan, go to the NYIF website. After that, select “Accept loan offer,” enter your bank information, and then click “Submit.”
The CBN, on the other hand, maintains that priority would be given to businesses that will help key sectors expand.
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