How To Apply For CBN Youth Investment Loan To Start A Business. The apex bank of Nigeria CBN through the Federal Ministry of Youth and Sports Development (FMYSD)! has rolled out an initiative called Nigeria Youth Investment Fund (NYIF), basically to empower the Nigeria Youth with Fund (Loan).
This initiative (CBN Youth Investment Loan) is a welcome development to all Nigerian youths that are skillful, entrepreneurs, innovative, talented, and business-oriented. The programme allows every Nigerian youth and business owner to access up to three (3) Million Naira Credit Facility from the Central Bank of Nigeria (CBN).
One of the major objectives of this programme by the Federal Government of Nigeria! is to reduce the unemployment rate and by engaging the Youth in entrepreneurs and skills ventures, social vices will reduce.
The investment loan is for both starts up and existing young entrepreneurs. Also, every eligible Nigerian youth entrepreneurs can access 250, 000 to 3 million naira loan! payable within 5 years period, with an interest rate of 5 percent yearly.
Eligible Youth Investment Loan Business
Below is the list of businesses that are eligible for the Youth Investment Loan. The businesses are as follows;
- Agriculture and Agribusiness
- Technology and Innovation
- Renewable Energy Sector
- Healthcare Value Chain
To access the financial funding from CBN, both start-up and existing businesses must meet the below requirements. The criteria to be eligible for the loan are as follows;
- You must be a Nigerian
- Evidence of Training Certificate from approved FMYSD EDIs
- Must be within the age of 18 to 35 years of age
- You must have a Bank Verification Number
- Provide your local Government Certificate
- Your business or company must be in Nigeria (Both registered and unregistered)
- Must have a Business Plan/Business Feasibility Study
- Registered Business must have a CAC/TIN
Please do not apply for this CBN Youth Investment Loan, if you fall within these categories of people;
- Those still on NMFB loans such as Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS)
- People that are beneficiary of other Government loan schemes
How To Apply For The Fund
The loan application will go through different procedures before it will be approved and then disburse by NMFB through CBN to qualified beneficiaries’ bank accounts. However, the official application website is https://nyif.nmfb.com.ng/
The procedures include; training, application, approval, and disbursement of funds to applicants. To apply, kindly click on https://nyif.nmfb.com.ng/Applicants/New fill in all the required details, and then submit. You will be notified through SMS by NMFB if you have been pre-qualified.