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The application portal for Nigeria Youth Investment Fund – NYIF is now open and has been receiving application from interested Nigerian business owners.

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) to help small and medium scale business to expand and start-up their business

About Nigeria Youth Investment Fund NYIF Registration

Contents

1 About Nigeria Youth Investment Fund NYIF Registration

Program Sponsor(s): Federal Government of Nigeria
Program Type: Youth Investment Fund
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).

NYIF Eligibility and Selection Criteria

The selection of candidates for the NYIF will be based on the following eligibility criteria;

Informal Business Enterprises (Individual & Sole Proprietors)

Must be a Nigerian youth within the age bracket of 18 to 35 years of age
Registered business owners and non-registered business owner – 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.

Read – SMEDAN Registration 2020/2021 – smedanregister.ng Form Portal

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 Businesses for NYIF Registration/Application

Agriculture and related value chain
Construction
Creative sector
Green Economy and Renewable energy sector
Healthcare value chain
Hospitality/ Tourism
Logistics and supply chain
Manufacturing
Technology/ Innovation

Read – Rivers State Civil Servant Recruitment 2020: Wike Approves employment of 5000 Youths into Civil Service

How to Apply NYIF Registration 2020 for Individuals and Businesses Owners

All application for the NYIF registration is carried out on the NYIF official website via www.nyif.nmfb.com.ng and follow the following steps below;

Get Trained: Applicants to attend compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs
Apply For Loan: Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.
Submit an Application: Eligible applicants submit applications successfully on NMFB’s portal.
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.
Disbursement: CBN reviews applications and gives final approval for disbursement to NMFB

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