How to Apply for Nigeria Youth Investment Fund, Portal Reopens

GoldenNewsNg gathered that the application portal for Nigeria Youth Investment Fund is now open. You can now access up to N3 Million Credit Facility through the Federal Government of Nigerian Youth Investment Fund program targeted at young individuals and business owners.

The program 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. 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).

Program Sponsor(s): The Federal Government of Nigeria

Program Type: Youth Investment Fund (investment loan)

Program Targeted at: Individuals and Businesses Owners (youths entrepreneurs only)

Funding Amount: N250, 000 to N3, 000,000

Loan Tenor: 5years

Interest Rate: 5% p.a (All inclusive).

Eligibility Criteria | Nigeria Youth Investment Fund 2021

The selection of candidates for the Nigerian Youth Investment Fund will be based on the following eligibility criteria;

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.

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 + Provisions of Tax Identification Number (TIN)

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

Ineligible Applicants:

• 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.

Application Procedures

How-to-Apply: You can apply for the Federal Government of Nigeria Youth Investment Fund by filling the online NYIF application form at youth investment fund application portal nyif.nmfb.com.ng based on information provided at noya.ng. Participation in program will involve the following steps;

Step 1: Get Trained

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

Step 2: Apply For Loan

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

Step 3: Submit an Application

Eligible applicants submit applications successfully on NMFB’s portal.

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

Please note: You should only access application forms made available at the Nigeria Youth Investment Fund websites nyif.nmfb.com.ng  and noya.ng (informational).

Visit the Official Webpage for Further Details