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
To register click Here
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08105636015, 08076359735
Serial Entrepreneur - International Business Planning and Development Consultant - Speaker - Trainer - Author - Blogger - Network Marketing professional.
- 2020 Doctorate of Business Administration (DBA) in View.
- 2020 SMEDAN Certified Business Development Service Provider in Conjunction with EDC, PAU.
- 2020 Alumni, Special Executive Master's Programe (SEMP) in Business Administration, Metropolitan School of Business and Management, United Kingdom UK (MSBM).
- 2020 Mentor, Teach For Nigeria
- 2020 Mentor, Ignite Innovation Lab
- 2020 Covener, Youth Empowerment Virtual Summit
- 2018-2019 SME Business Trainer and Coaching Advisor at GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit) GERMAN CORPORATION for SME Loop.
- 2018 Executive Director/ Project Manager, Dayo Adetiloye Empowerment and Development Initiative
- 2018 YALI RLC Online Cohort 9
- 2017 Fellow, Inspire Africa Train-the-Trainer Entrepreneurship programme sponsored by US Consulate Lagos and the Dickey Center, U.S.A.
- 2016 Fellow, Tony Elumelu Foundation Entrepreneurship Programme
- 2016 CEO, Dayo Adetiloye Business Hub
- 2015 Top 50 Innovative Entrepreneurs, BET5 by Diamond Bank and EDC, PAU.
- 2013 Masters Of Business Administration (MBA) OAU, Ile Ife.
- 2010 B Agriculture (Soil Science) OAU, Ile Ife.
He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan-Atlantic University (PAU). And Obafemi Awolowo University (OAU) Ile-Ife, Nigeria.
Through his training, mentoring, speaking and coaching programmes, he has empowered many young people over the years to start and grow their own business, build wealth, create multiple streams of income and achieve financial independence.
- He is a Certified Trainer in Design Thinking by the U.S Consulate, Lagos and the inspire Africa Entrepreneurship Institute.
- Consulted for more than 5000 MSMEs in the last 8 years in various industry including Agro-processing, Consulting, Training and Education, Financial Services, Waste Management, Renewable Energy, Oil and Gas, Construction, Real Estate, FMCG, Digital Marketing, Personal Branding etc.
- FREE 250,000 FG/CAC BUSINESS NAMES REGISTRATION FOR MSMEs Is Now Opened - October 19, 2020
- How to Prepare, Apply and Win 2021 Tony Elumelu Foundation $5000 Grant in Africa. - October 15, 2020
- All You need to know about NIGERIA YOUTH INVESTMENT FUND PRODUCT PROGRAM - October 13, 2020
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