Nigeria Youth Investment Fund - All you Need to know about NYIF Grant (Complete guide)

Nigeria Youth Investment Fund – All you Need to know about NYIF Grant (Complete guide) can be accessed below:

The Nigeria youth investment fund (nyif) application portal has been opened  for Nigerian Youths from the age of 18- 35 years that met the requirements.

GoldenNewsNg gathered that Nigerian Youth Investment Fund NYIF is a government initiative created to boost the Nigerian economy through leverage and access to finance for youths. The fund hopes to serve as a catalyst to unleash the potential of the youth and enable many of them build businesses that will increase the employment rate.

fund aims to reach 500,000 youth annually between 2020 and 2023. Each fund approval will range from N250, 000 to N50, 000,000, with a spread across group applications, individual applications, working capital loans set at 1 year and term loans set at 3 years with single digit interest rate of 5%.

NYIF Application Process – Step By Step Guide

Here is a step by step guide on how you can successfully apply for the ongoing Nigeria Youth Investment Fund (NYIF)

Step 1: Visit NYIF Application Portal for the Application Form (https://nyif.nmfb.com.ng/)

Click on the link above to open the NYIF application portal. Once the NYIF portal loads, you will see the application form.

Step 2: Enter Your Personal Information

  1. First Name
  2. Middle Name
  3. Last Name (Surname)
  4. BVN

When you are done filling the above Personal Information , click the “Next” button

Step 3 – Chose Preferred Training Center

Click on the select box to chose the training center of your choice. The following training center options are available;

  • National Youth Development Center (North-Central)
  • National Youth Development Center (North-West)
  • National Youth Development Center (North-East)
  • National Youth Development Center (South-East)
  • National Youth Development Center (South-South)
  • National Youth Development Center (South-West)
  • Federal Ministry of Youth Sports and Development

Step 4: Select How You Heard About NYIF

The 4th step is a select box asking you how you knew about NYIF.

The below listed options are available

  1. CBN
  2. NMFB Staff
  3. Facebook
  4. Linkedin
  5. SMS
  6. Google Ads
  7. Facebook

Step 5: Accept NYIF Terms of Service

The 5th step is a check button requesting you to confirm that the information you provided is true and correct. Click on the button to accept

Step 6: Submit Your Application

Click on the submit button to finally finish your application.

Disclaimer

  1. No training fees required
  2. Online Training only
  3. Training duration is 5days

The Nigeria Youth Investment Fund registration portal is https://nyif.nmfb.com.ng/Applicants/New .

 

For more details visit Nigeria youth investment fund website

NYIF Shortlisted Candidate

If you successfully applied for NYIF and you are pre-qualified, you will receive this SMS on your phone

SAMPLE

Dear Applicant,
You have been pre-qualified for the NYIF loan programme, kindly click on this link to apply.
https://nyif.nmfb.com.ng/app
Thank you.

When you receive this SMS the next thing to do is to follow the steps below.

  • Visit >> https://nyif.nmfb.com.ng/app
  • Input Your BVN
  • Click Validate BVN
  • Check if all your details are correct
  • Create a password and confrim the password.
  • Click Create Account
  • NYIF will send you a verification link to your email address where you will verify your account and proceed to fill all the necessary information.

Note, some persons are finding it very difficult to see the NYIF loan email verification link in their email.

FREQUENTLY ASKED QUESTIONS ON NIGERIAN YOUTH INVESTMENT FUND (NYIF FAQ)

How do I apply for NYIF loan?

Simple. Visit the NYIF application portal https://nyif.nmfb.com.ng/Applicants/New, enter personal information. Choose your preferred training center, accept terms of services and submit your application.

 What are the requirements of a formal business enterprise for the Nigerian Youth Investment Fund (NYIF) qualification?

You would need to be duly registered as a formal youth owned enterprise with Corporate Affairs Commission (CAC). You also need to provide a business plan summary, a completed questionnaire, training certificate from an approved FMYSD EDIs, valid Bank Verification Number (BVN) of the Director and Tax Identification Number (TIN).

 What are the requirement of a sole proprietor for the Nigerian Youth Investment Fund (NYIF) qualification?

You must be a Nigerian Youth within the age bracket of 18 to 3t years. Your business must be an operational enterprise located in Nigeria. You must not have been convicted of any financial crime in the past 10 years. You must have a valid be Bank Verification Number and local government indigene certificate.

 What are the documents required for the NYIF application?

You would need to provide the training certificate approved by FMYSD EDIs, your certificate of incorporation and form CAC 2A, valid bank verification number, local government of origin indigene certificate, application form, birth certificate, Tax Identification Number (TIN), a summary of business plan, valid means of identification and a two – year bank statement analysis.

 What is the purpose of NYIF?

The Nigerian Youth Investment Fund is dedicated to investing in the innovative ideas, skills, talents and enterprise of the Nigerian Youth and aimed at turning them into Enterprenuers, wealth creators and employers of labour contributing to national development.

 What is the limit of a single applicant on requesting for an NYIF loan?

For a non – registered business or an individual, the limit is N250,000 and for a registered business, the limit is N3,000,000.

 How long is NYIF loan for?

The maximum loan tenor is 5 years.

 What is NYIF repayment structure?

The repayment will be done installmentally in accordance with businesses and NFMN evaluation.

 Which organization runs the NYIF?

It is the Federal Ministry of Youth and Sports Development (FMYD) in conjunction with the Central Bank of  Nigeria (CBN). The ministry is mandated to develop socio – economic development of the youths in Nigeria and provision of opportunities for self – acquisition.

 Is the application for the NYIF initiative gender specific?

No. Both male and female are welcome to register for the NYIF loan.

 How do I get NYIF application form for 2021

The application form is https://nyif.nmfb.com.ng/Applicants/New

 How do I login in to my NYIF account?

If you want to login to check NYIF shortlisted candidates please visit https://nyif.nmfb.com.ng/app.

 What is the age range of qualified applicants for NYIF?

It is the age bracket of 18 – 35 years.

 What is the interest rate of NYIF loan?

The interest rate is 5% per annum (all inclusive).

 Does my business need to be located in Nigeria to apply for NYIF?

Your business / enterprise must be situated and operational in Nigeria

 What valid means of identification do I need for NYIF Loan?

Your valid means of identification could be your driver’s license, National ID or international passport

 How much can I access?

It depends on your type of application. As a household, you can access a maximum of 3 million naira. As for SMEs, the loan depends on the activity, cashflow and industry / segmentsize of a beneficiary, with a maximum of 25 million naira.

 Do I need a Bank Verification Number to apply for NYIF?

Yes. A valid Bank Verification Number (BVN) is one of the core requirements for the application of the NYIF loan.

Can I access the NYIF loan if I am enjoying another CBN intervention?

No. You cannot access the NYIF facility. The only way you can access the loan is if you have fully repaid a previous CBN intervention.

 Do I need a collateral to access NYIF loan?

No. But the asset purchased under this scheme with be registered in the National Collateral Registry (NCR). And the Global Standing Instruction (GSI) will be activated so that full repayment will be made.

 Where can I get trained for the NYIF scheme?

You are expected to visit the nearest approved Federal Ministry of Youth and Sports Development (FMYD) Entrepreneurship institute.

Can any NIRSAL MFB approved EDIs train applicants for the NYIF scheme?

No. Unless it is listed by FMYSD, NIRSAL Institute EDIs are not eligible to train any applicant under the NYIF scheme.

How do I validate my BVN on the Nigerian Youth Investment Fund (NYIF) portal?

You are expected to visit https://nyif.nmfb.com.ng/app, input your BVN and ensure that all your details are correct. If all goes well, you will be redirected to the next page, while NYIF will send you a verification to your email address.

 How do I receive my NYIF confirmation via mail inbox?

You will login to your email address, click on your inbox or spam folder and then you will the email verification link. Click it and you will be redirected to the NYIF Loan Application portal where you fill the necessary information and click “Submit” .

 How do I check the NYIF loan status?

You can visit https://nyif.nmfb.com.ng/app, input your BVN, validate your BVN, input your password.

 How do I check the NYIF shortlisted beneficiaries ?

You can login into your account through NYIF online portal. Next, you will input your username and password, then you scroll down and click on 2021 beneficiaries. Download the list and search for your name.

 How will NYIF loans be disbursed?

The NYIF loans will be disbursed to the beneficiaries through finance, microfinance and deposit money banks.

 What if I have successfully registered for the NYIF loan but didn’t receive the loan?

You don’t have to panic. It is either not  your turn to receive the loan, or your bank account doesn’t have the capacity to take the total amount approved for you.

 What type of bank account do I need to receive the loan if I am a qualified beneficiary of NYIF?

You would need a standard account having the capacity to receive a minimum of 200,000 naira and above at a time.

 How do I accept and receive my NYIF loan?

Simply visit the NYIF application portal. Click on NYIF loan status. Next, click on “Accept loan offer“, enter your bank details and finally click on submit.

NYIF Application Form Portal Login 2021 Requirements

  • Official Government Identification
  • Applicant must be between the ages of 18 and 35 years old
  • Notarized Guarantor Forms
  • Passport photographs
  • Bank Verification Number
  • Training Certificate
  • Fundable business idea
  • Registered business
  • Nigeria Citizenship
  • NYSC certificate for graduates

Those Not Eligible for NYIF Registration

  1. Previous beneficiaries of NMFB grants or loan.
  2. Beneficiaries of other government empowerment scheme
  3. Those who don’t have identity card, local Government certificate etc.
  4. Those with criminal record.

What makes an applicant ineligible for the NYIF loan?

 

If you are undergoing NMFB loans, like the targeted Credit Facility (TCF) or Agribusiness / Small and Medium Enterprise Investment Scheme (AgSMEIS) loans and haven’t repaid fully, you will not be eligible for the NYIF loan.

 What are the legally allowed or eligible activities for the NYIF loan acquisition?

The eligible business activities are the ones listed under the following sectors:

Technology / Innovation Manufacturing Logistics and Supply Chain
Agriculture Hospitality / Tourism Health Care
Renewable Energy Construction Creative Sector
Trading Others determined by NYIF

 Is the NYIF application process difficult / tedious?

No. With an approved work plan or business idea,you can have a less cumbersome access to credit and finance.

 Who provides the financing of the Nigerian Youth Investment Fund (NYIF)?

The Ministry of Finance, Budget and National Planning (MFBNP) and the Central Bank of Nigeria (CBN) provides the financing to kickstart the Nigerian Youth Investment Fund.

 When is the NYIF Application deadline?

The NYIF application deadline is not yet specified. Subsequent information on the deadline will be disseminated on a later date.

How many training center options do I have to choose from?

The National Youth Development Centers in Nigeria are seven (7).

 Where are NYIF training centers located in Nigeria?

The National Youth Development training center are located in: North – East, Nost – West, North – Central, South – South, South – West, South – East and Federal Capital Territory.

 Are  training fees required for the NYIF training program?

No training fee is required.

How many days does NYIF training program last?

The training program lasts for 5 days and it is conducted online.

 

 

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