How to get funds for business is one of the reasons why many businesses owned by youth in Nigeria are not seeing the light of the day. This has also increased the rate of employment in the country. It is for this reason why the Federal Ministry of Youth and Sports Development along with the Central Bank of Nigeria has initiated a loan platform to help boost businesses owned by youth. The application process will be discussed in this article on the Guide For Nigerian Youth Investment Fund.
Guide For Nigerian Youth Investment Fund
What is Nigeria Youth Investment Fund?
The Nigeria Youth Investment Fund (NYIF) is a federal government initiated program established to finance youth businesses. It is a Federal Ministry of Youth and Sports Development idea in conjunction with Central Bank of Nigeria. Federal Executive Council on the 22nd of July, 2020 approved the sum of N75, 000,000,000.00 (seventy five billion naira) for the establishment of the Nigeria Youth Investment Fund for the period of 2020 – 2023. The main objective is to invest in the innovative ideas, skills and talents of Nigerian Youth, and to institutionally provide the youth with a special window for accessing much needed funds, finances, business management skills and other inputs critical for sustainable enterprise development.
The programme promises to financially empower Nigeria youth to generate at least 500,000 jobs 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 a single-digit interest rate of 5%. The loan scheme doesn’t require any collateral. Below you will see the Guide For Nigerian Youth Investment Fund.
What are the Requirement for NYIF
Potential applicants must;
- be Nigerian
- be between 18-36 years old
- have business in Nigeria
- have Bank Verification Number
What are the documents required
To apply for NYIF loan, you are requested to get ready the following:
- Government-issued Identity Card
- Corporate Affairs Commission (CAC) certificate
- Bank Verification Number (BVN)
- Local Government Indigene certificate
- Birth Certificate
- Tax Identification Number (TIN)
- A business plan
What are the Businesses Eligible for NYIF loan
Though the aim of this scheme is to boost businesses owned by youth in the country but these businesses below are given priority:
- Technology and Innovation
- Agriculture and related value chain
- Green Economy and Renewable energy
- Hospitality and Tourism
- Logistics and supply chain
- Healthcare value chain
- Trading and Services
How to Apply for NYIF?
The following is the procedure for application of NYIF
Step 1: Lunch your browser to log on to https://nyif.nmfb.com.ng
Step 2: Click “Apply here” button
Step 3: Fill in your Personal Information
- Email address
- First Name
- Middle Name
- Last Name
Step 4: Click “next” icon to go to the another step
Step 5: Pick your preferred Training Center in the box
Step 6: Select how you heard about NYIF
Step 7: Click “Accept” botton to attest that the information provided are not false
Step 8: Now submit application
What you need to know about NYIF training
NYIF training is one of the steps to be eligible for the loan. It is a free training which is scheduled to take place online. The training period is 5 days. Applicants are trained in batches and you will get a mail or text message, inviting you for training when it gets to your batch.
The application is still on. There is no deadline for it yet.
Conclusion: This is an opportunity for entrepreneurs, start-up businesses and others to step up their goals. It is pertinent to note that if you are a beneficiary of any of the federal government funds or loan scheme, you are not eligible for this programme. However, if you need any assistance during the application, you can direct it to; firstname.lastname@example.org.