All you Need to Know about Nigeria Youth Investment Fund (FAQs) can be accessed below..
Nigeria Youth Investment Fund FAQs
GoldenNewsNg reports that 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)
What is the interest rate of NYIF?
Interest rate under the intervention is 5% per annum (all inclusive).
How long is the NYIF loan for?
Term loans have a maximum tenor of not more than 5 years.
How much can I access on NYIF?
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
How do i Apply for Nigeria Youth Investment Fund
NYIF Loan Application Form portal is now open and anyone who interested in this can apply online via NYIF Portal (www.nyif.nmfb.com.ng).
Why do you have to know this? The reason is, getting here, Nigeria Youth Investment Fund online loan services are increasingly in demand.
NYIF application form can be made online on a smartphone. So that prospective debtors can apply for loans from anywhere and anytime. Without the need to come to the office.
The NYIF Loan Application process can be done in just a matter of minutes.
Is there a moratorium period for NYIF?
At least, one-year moratorium.
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 NYIF 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 for NYIF?
A Nigerian youth within the age bracket of 18 to 15 years
Where can I get trained for Nigeria Youth Investment Fund ?
Visit the nearest approved Federal Ministry of Youth & Sport Development (FMYSD) Entrepreneurship Development Institute (EDIs) or www.youthandsport.gov.ng
Can any NIRSAL MFB approved EDIs train applicants for this programme?
No, the NIRSAL approved Entrepreneurship Development Institute EDIs are not eligible to train any applicants under this scheme, except they are listed by the FMYSD.
Do I need a Bank Verification Number to apply for Nigeria Youth Investment Fund ?
Yes, a valid Bank Verification Number (BVN) is required.
What valid means of identification do I need to access NYIF?
Any valid means of Identification such as Driver’s license, National ID & International passport.
Does my business or enterprise need to domiciled in Nigeria?
Yes, the Business/Enterprises must be domiciled and operational in Nigeria.
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