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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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
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.
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
Interest rate under the intervention is 5% per annum (all inclusive).
Term loans have a maximum tenor of not more than 5 years.
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
At least, one-year moratorium.
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.
A Nigerian Youth who falls within the age bracket of 18 -35 years
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
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
Read Also: All-you-need-to-know-about-nigeria-youth-investment-fund-product-program
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