Nigeria Youth Investment Fund Loan (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 invest in youth ideas to build sustainable businesses that can activate enterprise and increase job opportunities in Nigeria. The fund is dedicated to investing in the innovative ideas, skills & talents of Nigerian youths aimed at turning them into entrepreneurs, wealth creators and employers of labour, contributing to national development.
The plan of that Nigeria Youth Investment Fund Loan is to targets young people between the ages of 18-35 years and details the needed actions required to support business establishment, expansion and consequent employment creation for youth in critical economic and social sectors.
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Objectives of the Nigeria Youth Investment Fund Scheme
Access: Improve access to finance for youth and youth-owned enterprises, for national development
Employment: Generate much-needed employment opportunities to curb youth restiveness.
Training: Boost the managerial capacity of the youth and develop their potential to become the future large corporate organizations.
Read Also: How to Access AGSMEIS Loan Scheme: Steps and Requirements
How to Obtain Nigeria Youth Investment Fund Loan
The NYIF aims to financially empower Nigeria’s youth to generate at least 500,000 jobs. Interest rate under the intervention is 5% per annum (all inclusive). Term loans have a maximum tenor of not more than 5 years.
Individual / Non-registered Businesses: Can access up to ₦250,000.00 Registered Businesses (Business Name / Limited Liability / Cooperative Societies/ Commodities Associations): Can access up to ₦3,000,000.00
The first requirements to apply for NYIF loan is your Bank Verification Number, a valid Bank Verification Number (BVN) is required. Other requirements includes; Any valid means of Identification such as Driver’s license, National ID & International passport.
Eligibility: Who is Eligible?
Individuals / Non-registered Businesses
- Individual within the age bracket of 18 to 35 years
- Has a valid BVN and means of ID
- Provision of Business plan Summary or Completed Questionnaire
- Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs)
Registered Businesses
- Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)
- Business plan Summary or Completed Questionnaire
- Valid Bank Verification Number (BVNs) of Directors
- Provision of Tax Identification Number (TIN)
- Entrepreneurship Training Certification from FMYSD EDIs
Read Also: How to Secure Capital Loan for Business in Nigeria.
How to Apply
- Step 1: Get Trained
The first step to obtain Nigeria Youth Investment Fund Loan is to attend the compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs. Visit the nearest approved Federal Ministry of Youth & Sport Development (FMYSD) Entrepreneurship Development Institute (EDIs) or www.youthandsport.gov.ng to get trained. After training you can obtain the loan.
- Step 2: Apply for Loan
Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.
- Step 3: Submit an Application
Eligible applicants submit applications successfully on NMFB’s portal.
- Step 4: 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.
- Step 5: Disbursement
CBN reviews applications and gives final approval for disbursement to NMFB.
