All You need to know about NIGERIA YOUTH INVESTMENT FUND PRODUCT PROGRAM

 

All You need to know about NIGERIA YOUTH INVESTMENT FUND PRODUCT PROGRAM

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.

 

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)

 

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

 

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

 

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

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

https://nyif.nmfb.com.ng/

 

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