The NYIF is an initiative of the Federal Ministry of Youth and Sports Development and funded by the Central Bank of Nigeria (CBN), which would be spread over 3 years to cater to youth-owned businesses and investment needs.
The CBN Youth Investment Fund is dedicated to investing in the innovative ideas, skills, talents and enterprise of the Nigerian youth with the aim of turning them into entrepreneurs.
- Individual or non-registered businesses are able to draw up loans of up to two hundred and fifty thousand naira (₦250,000.00), while youth owned registered businesses can apply for up to three million naira (₦3,000,000.00).
- Loans are with a tenor of five years and moratorium of up to 12 months.
The Nigerian Youth Investment Fund (NYIF) aims to reach 500,000 youth annually 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 single digit interest rate of 5%.
- Nigerian Youth within the age of 18 and 35 years
- Youths with Innovative ideas, skills, talents and enterprise
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 Director
- Provision of Tax Identification Number (TIN)
Informal Business Enterprises (Individual / Sole Proprietors)
- Must be a Nigerian youth within the age bracket of 18 to 35yrs
- Have an operational business /enterprise domiciled In Nigeria (Those with unregistered business can also apply)
- Has not been convicted of any financial clime in the last 10 years
- Valid Bank Verification Number (BVN)
- Evidence of Local Government Indigene Certificate
- Training Certificate from approved FMYSD EDIs
- Evidence of registration with Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A
- Valid Bank Verification Number (BVN) for Individuals and Directors
- Evidence of Local Government Indigene certificate
- Duly completed Application form
- A copy of Birth Certificate
- Valid Tax Identification Number (TIN)
- A Summary Business plan / Questionnaire
- Valid means of Identification (Voter’s Card. Drivers License. National ID/NIN Slip 3. International passport)
How to Apply for Youth Investment Fund 2020
Interested and qualified youths with business ideas that require funding can apply for the fund through the following application portal – https://nyif.nmfb.com.ng/Applicants/New
We thought you should also know about
To get more Updates
- Subscribe to the site sparkgist.com using your Email address. Subscription is totally FREE
- LIKE our Facebook page for direct updates
- FOLLOW our Twitter News Handle for updates
- In case of any issue or challenge or questions, Click Here