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Nigeria Youth Investment Fund: How to apply and Access up to N3million Credit Facility with 5% Interest rate for 5 years

Dayo Adetiloye Business Hub

Nigeria Youth Investment Fund: How to apply and Access up to N3million Credit Facility with 5% Interest rate for 5 years

 

Nigeria Youth Investment Fund: How to apply and Access up to N3million Credit Facility with 5% Interest rate for 5 years

Nigeria Youth Investment Fund: How to apply and Access up to N3million Credit Facility with 5% Interest rate for 5 years

Access up to N3 Million Credit Facility

Dedicated to investing in the innovative ideas, skills & talents of Nigerian youths aimed at turning them into entrepreneurs, wealth creators and employers of labour

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Click here to Watch this presentation on Video

Nigeria Youth Investment Fund

The Nigerian Youth Investment Fund (NYIF) was set up as an initiative of the Federal Ministry of Youth and Sports Development (FMYSD) and funded by the Central Bank of Nigeria (CBN) to invest in youth ideas to build sustainable businesses that can activate enterprise and increase job opportunities in Nigeria. The fund is dedicated to investing in the innovative ideas, skills & talents of Nigerian youths aimed at turning them into entrepreneurs, wealth creators and employers of labour, contributing to national development.

The plan targets young people between the ages of 18-35 years and details the needed actions required to support business establishment, expansion and consequent employment creation for youth in critical economic and social sectors.

Nigeria Youth Investment Fund: How to apply and Access up to N3million Credit Facility with 5% Interest rate for 5 years

Nigeria Youth Investment Fund: How to apply and Access up to N3million Credit Facility with 5% Interest rate for 5 years

Objectives of the Scheme

Access

Improve access to finance for youth and youth-owned enterprises, for national development

Employment

Generate much-needed employment opportunities to curb youth restiveness.

Training

Boost the managerial capacity of the youth and develop their potential to become the future large corporate organizations.

The NYIF aims to financially empower Nigerian’s youth to generate at least 500,000 jobs between 2020 and 2023.

Apply Now

Who Is Eligible?

Individuals / Non-registered Businesses – Up to N250,000

  • Individual within the age bracket of 18 to 35 years
  • Has a valid BVN and means of ID
  • Provision of Business plan Summary or Completed Questionnaire
  • Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs)

Registered Businesses – Up to N3 Million

  • Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)
  • Valid Bank Verification Number (BVNs) of Directors
  • Provision of Tax Identification Number (TIN)
  • Entrepreneurship Training Certification from FMYSD EDIs

How it Works

 

STEP 1

Submit An Application

Eligible applicants submit applications successfully on NMFB’s portal.

STEP 2

Get Trained

Applicants to attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs

STEP 3

Apply for Loan

Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.

STEP 4

Approval

NMFB conducts loan assessment in line with Risk Assessment Criteria and programme guideline, make appropriate decision and forward recommended applications to CBN for final approval.

STEP 5

Disbursement

CBN reviews applications and gives final approval for disbursement to NMFB

FAQ

What is the interest rate?

Interest rate under the intervention is 5% per annum (all inclusive).

How long is the loan for?

Term loans have a maximum tenor of not more than 5 years.

How much can I access?

Individual/Non-Registered Businesses: Can access a maximum of N250,000

Registered Businesses (Business name/Limited Liability/Cooperative Society/Commodities Associations) – Can access up to N3 Million

Is there a Moratorium period?

At least, one-year moratorium.

How much can I access?

Individual / Non-registered Businesses: Can access up to ₦250,000.00
Registered Businesses (Business Name / Limited Liability / Cooperative Societies/ Commodities Associations): Can access up to ₦3,000,000.00

Can someone currently enjoying any CBN intervention fund access this loan?

No, you cannot access this facility except previous CBN intervention loan(s) has been fully repaid.

Do I need a collateral to access this Loan?

No, but all assets purchased under the scheme must be registered with the National Collateral Registry (NCR). Also, the Global Standing Instruction (GSI) mandate will be activated to ensure full repayment by loan obligor.

Who is eligible to apply?

A Nigerian Youth who falls within the age bracket of 18 -35 years

Where can I get trained?

Visit the nearest approved Federal Ministry of Youth & Sport Development (FMYSD) Entrepreneurship Development Institute (EDIs) or https://www.youthandsport.gov.ng

Can any NIRSAL MFB approved EDIs train applicants for this programme?

No, the NIRSAL MFB approved Entrepreneurship Development Institute EDIs are not eligible to train any applicants under this scheme, except they are listed by the FMYSD.

Nigeria Youth Investment Fund: How to apply and Access up to N3million Credit Facility with 5% Interest rate for 5 years

Nigeria Youth Investment Fund: How to apply and Access up to N3million Credit Facility with 5% Interest rate for 5 years

Do I need a Bank Verification Number BVN to apply?

Yes, a valid Bank Verification Number (BVN) is required.

What valid means of identification do I need?

Any valid means of Identification such as Voter’s Card, Driver’s license, National ID/NIN Slip & International passport.

Does my Business or Enterprise need to be domiciled in Nigeria?

Yes, the Business/Enterprises must be domiciled and operational in Nigeria.

 

Click Here to Apply

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

Read Also: All-you-need-to-know-about-nigeria-youth-investment-fund-product-program

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Dayo Adetiloye Business Hub
Dayo Adetiloye Business Hub is a grassroot business development service provider with a 6 year of track record of excellent service delivery for local and international clients.

As a leading business development service provider in Nigeria, Dayo Adetiloye Business Hub has been recognized and certified by Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) in Conjunction with Enterprise Development Centre (EDC), Pan-Atlantic University (PAU) of the Lagos Business School (LBS).

Our solutions are designed for MSMEs and are supported by deep insight into various industries and extensive experience acquired from over the years by supporting our clients as partners in their business transformation.

Through our services and business activities, we help individuals/entrepreneurs transform their business ideas into a business venture, and support existing business to scale or expand their operation. We also connect startups and MSMEs with opportunities and resources for their business growth.

We have Consulted for more than 5000 MSMEs in the last 6 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.

Our Vision:
To become the leading grassroot business Hub that provides Business
Development Services in the global online community

Mission Statement:
- Provide bespoke management and business planning consultancy
- To connect MSMEs with opportunities and resources for their business startup, growth and expansion through trainings, seminars, coaching, consulting, mentoring, and Angel investing.
- To inspire, empower and champion entrepreneurship in the global online community.

Business Goals and Objective

- Engender national prosperity by contributing to the creation of at least 100 new businesses every year
- Become a go-to brand for outstanding business development services for MSMEs
- Strategic partnership with local and international organization to empower start-ups
- Continuous innovation to serve our clients better

Core Values:
Integrity
Opportunity Maximization
Digitalization
Personal Development (Capacity Building)
Excellent Customer Satisfaction
Timeliness
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    February 21, 2021
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