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

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://www.fmyd.gov.ng/youth-empowerment-program )

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 in the above Personal Information, click the “Next” button

Step 3 – Choose Preferred Training Center

Click on the select box to choose 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

https://www.fmyd.gov.ng/youth-empowerment-program The Nigeria Youth Investment Fund registration portal is

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 program, 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 an NYIF loan?

Simple. Visit the NYIF application portal https://www.fmyd.gov.ng/youth-empowerment-program, and enter your personal information. Choose your preferred training center, accept the 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 the Corporate Affairs Commission (CAC). You also need to provide a business plan summary, a completed questionnaire, a training certificate from an approved FMYSD EDIs, a valid Bank Verification Number (BVN) of the Director, and a Tax Identification Number (TIN).

 What are the requirements 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 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 enterprises of the Nigerian Youth and aimed at turning them into entrepreneurs, wealth creators, and employers of labor contributing to national development.

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

The maximum loan tenure is 5 years.

 What is the NYIF repayment structure?

The repayment will be done installmentally by 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 the socio-economic development of the youths in Nigeria and provide opportunities for self-acquisition.

 Is the application for the NYIF initiative gender specific?

No. Both males and females are welcome to register for the NYIF loan.

 How do I get the NYIF application form

The application form is https://www.fmyd.gov.ng/youth-empowerment-program

 How do I log in to my NYIF account?

If you want to log in 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 an 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 an 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, cash flow, and industry/segment size 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 collateral to access an NYIF loan?

No. However, the asset purchased under this scheme with be registered in the National Collateral Registry (NCR). 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 log in 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 in 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, and input your password.

 How do I check the NYIF shortlisted beneficiaries?

You can log into your account through the NYIF online portal. Next, you will input your username and password, then you scroll down and click on 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 can’t 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.

Those Not Eligible for NYIF Registration

1. Previous beneficiaries of NMFB grants or loans.
2. Beneficiaries of other government empowerment schemes
3. Those who don’t have identity cards, local Government certificates, 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:

 Is the NYIF application process difficult/tedious?

No. With an approved work plan or business idea, you can have 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) provide 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 at 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 is 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 the NYIF training program last?

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