All You need to know about NIGERIA YOUTH INVESTMENT FUND PRODUCT PROGRAM
All You need to know about NIGERIA YOUTH INVESTMENT FUND PRODUCT PROGRAM
| NIGERIA YOUTH INVESTMENT FUND PRODUCT PROGRAM PRODUCT NAME | CBN N75 BILLION NIGERIA YOUTH INVESTMENT FUND (NYIF) |
| BUSINESS UNIT | CREDIT HQ |
| DATE | OCTOBER 2020 |
| PRODUCT CODE | CBN-NYIF |
| PRODUCT DESCRIPTION | This product is designed to improve access to finance for youth and youth-owned enterprises for National development |
| TARGET MARKET | The fund is targeted to financially empower Nigeria youth to generate at least 500,000 jobs in the country between 2020 to 2023 |
| DOCUMENTATION REQUIRED |
❖ Training Certificate from approved FMYSD EDIs ❖ Evidence of registration with 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 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.
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| GLOBAL LIMIT | ₦12.5 billion |
| FACILITY TYPE | Term Loan |
| SINGLE OBLIGOR LIMIT | Individual / Non-registered Businesses: Up to ₦250,000.00
Registered Businesses( Business Name / Limited Liability / Cooperative Societies/ Commodities Associations): Up to ₦3,000,000.00 |
| LOAN TENOR | Maximum of 5 years |
| MORATORIUM | Maximum of 12 months |
| 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 proceed where applicable ❖ Credit Life & Asset Insurance (* Asset, In case of equipment purchase) Insurance noting NMFB as first loss payee
❖ Registration immovable and movable asset on National collateral registry (NCR)
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| 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 Directors ❖ Provision of Tax Identification Number (TIN)
INFORMAL BUSINESS ENTERPRISES (INDIVIDUAL & SOLE PRORIETORS) ❖ Must be a Nigerian youth within the age bracket of 18 to 35 years of age ❖ Have an operational business /enterprise domiciled in Nigeria (Note: Those with unregistered business can also apply) ❖ Has not been convicted of any financial crime in the last 10 years ❖ Valid Bank Verification Number (BVN) ❖ Evidence of Local Government Indigene Certificate
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| INELIGIBILITY |
❖ 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
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| ELIGIBLE ACTIVITIES/ BUSINESSES |
❖ 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 ❖ Trading and Services ❖ Others as may be determined by FMYSD/CBN from time to time |
All You need to know about NIGERIA YOUTH INVESTMENT FUND PRODUCT PROGRAM
TERMS & CONDITIONS
- Acquired immovable and movable collateral options shall be registered under the National Collateral Registry (NCR)
- Insurance must be in place
- Execution of Offer Letter
- Execution of GSI Mandate
- Forfeiture Undertaking and Power of Attorney agreement to be signed by customer, giving NMFB rights to take over pledged assets in instance of loan default.
- Loan amount must match loan repayment and loan purpose.
PRICING
- 5% p.a (All inclusive)
REPAYMENT STRUCTURE
Repayment would be on instalment basis in line with businesses and NMFB credit evaluation
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