Nigeria Youth Investment Fund: How to Apply, Requirements, Register for NYIF. Application is now open for the Nigeria Youth Investment Fund (NYIF).The application which started today been the 13th of October 2020 is opened to Nigerian Youths from the age of 18- 35 years. Nigerian youths wanting to apply for program need not have a registered business or existing business. Follow our guideline to register for the Nigerian Youth Investment Fund 2020.
Nigeria Youth Investment Fund Requirements
To register or apply for the Nigerian Youth Investment Fund (NYIF) you must have the following requirements;
- Name: Your full names which includes First Name, Middle Name, and Surname or Last Name
- BVN: Bank Verification Number
- Address: Your home address
- Mobile Number
- Email address
- Tax Identification Number (TIN)
It’s strictly for Nigerian citizen
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 li SOLE PRORIETORS)
- 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
- Beneficiaries of NMFB loans (such as Targeted Credit Facility TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS) that remain unpaid are not eligible to apply.
- Beneficiaries of other Government loan schemes that remain unpaid are not eligible to apply.
- 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)
- Automated two years bank statement analysis.
The fund 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%.
- GLOBAL LIMIT : N12.5 billion
FACILITY TYPE : Term Loan
SINGLE OBLIGOR LIMIT: Individual / Non registered Business: Up to #250.000.00 | Registered Businesses( Business Name, Limited liability/ Corporative Societies / Commodities Associations): Up to N3,000.000.00.
- LOAN TENOR : Maximum of 5 years
- MORATORIUM : Maximum of 12 months
- Repayment Structure : Repayment will be on installment basis inline with businesses and NMFB evaluation.
How To Apply For Nigeria Youth Investment Fund
To apply for Nigeria Youth Investment Fund (NIYF) kindly visit https://nyif.nmfb.com.ng/Applicants/New to fill the NYIF application form, when you are done with the first page of the application form click next to fill the next page till you are successfully completed the registration form.
If you are interested in applying for the Nigerian youth investment fund (NYIF). Kindly visit https://nyif.nmfb.com.ng/Applicants/New
The federal government says it has opened the portal for Nigerians to apply for its N75 billion youth investment fund.
The initiative of the ministry of youths and sports is being funded by the Central Bank of Nigeria (CBN).
The NYIF is dedicated to investing in the innovative ideas, skills, talents and enterprise of the Nigerian youth with the aim of turning them into entrepreneurs.
Dare had explained that the funding targets 500,000 youth annually.
He said a minimum of N25 billion will be disbursed each year over the next three years, totalling N75 billion.
Dare said for the remaining part of 2020, an initial sum of N12.5 billion will be needed to commence the NYIF.
He added that the initiative, which is part of President Muhammadu Buhari’s plan to address unemployment in the country, will be sustained by successive governments.
“The fund 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%,” he said.
The minister said disbursement of the fund will be through various channels, which will include micro credit organisations across the country the CBN supported by the Bank of Industry, fintech organisations and venture capital organisations registered with the CBN.
According to him, the ministry of finance, budget and national planning and the CBN will provide the initial financing for NYIF, while youth seeking to benefit from the fund must have genuine business ideas and registered business entities.
He added that such persons must be citizens of Nigeria and must be able to provide recognised means of identification and guarantors.