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
- 1 About Nigeria Youth Investment Fund NYIF Registration
- 1.1 NYIF Eligibility and Selection Criteria
- 1.2 Eligible Businesses for NYIF Registration/Application
- 1.3 How to Apply NYIF Registration 2020 for Individuals and Businesses Owners
- 1.4 To get more Updates
- 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.
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
- Creative sector
- Green Economy and Renewable energy sector
- Healthcare value chain
- Hospitality/ Tourism
- Logistics and supply chain
- Technology/ Innovation
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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