The Federal Government has announced Applications for the N75 billion Nigeria Youth Investment Fund (NYIF) financed by the Central Bank of Nigeria (CBN).
The Nigeria Youth Investment Fund (NYIF) was launched by the Federal Ministry of Youth and Sports Development (FMYSD) to provide investment loans to youths and youth-owned businesses in the country.
Individuals or non-registered businesses can access up to N250,000 in funding while youth-owned registered businesses can apply for up to N3 million. Granted loans will run for a maximum of 5 years and attract a 5% interest per annum.
The NYIF was set up to invest innovative ideas, skills and talents of Nigerian Youth and to institutionally provide the Nigerian youth with a special platform for accessing the needed funds, finances, support, business management skills for sustainable enterprise development.
Who is Eligible for Nigeria Youth Investment Fund
Youths applying as individuals or sole proprietors must be within the ages of 18 to 35 years and have operational businesses in Nigeria.
To qualify, they must have not been convicted of any financial crime in the last 10 years as well as possess a local government of origin certificate.
For youth-owned enterprises, they must be duly registered with the Corporate Affairs Commission and provide a business plan. They must have a Tax Identification Number (TIN) and a training certificate from approved FMYSD Entrepreneurship Development Institutes (EDIs).
All applicants must possess valid Bank Verification Numbers to be eligible.
The CBN also outlined in the framework, the businesses and activities that are legally allowed to be eligible in the scheme. These include;
- Agriculture and related value chain
- Green Economy and Renewable energy sector
- Logistics and supply chain
- Healthcare value chain
- Creative sector
- Trading and services
- Others as may be determined by NYIF/CBN from time to time.
How to Apply
Here are five (5) easy steps to apply for the Nigeria Youth Investment Fund (NYIF):
1. Apply through the NYIF Portal
To begin your application, log on to nyif.nmfb.com.ng on your mobile phone or computer. Click “Apply Here” to proceed.