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Youth Empowerment – Apply For The N75B Nigeria Youth Investment Fund

The Federal Government has officially commenced the youth empowerment scheme called Nigeria Youth Investment Fund (NYIF). This is an opportunity for every Nigerian entrepreneur youths! to access loans from the N75 billion mapped out to assist the youth in their businesses.

The Nigeria Youth Investment Fund is objective is to empower Nigeria’s youth financially so as to generate at least 500,000 jobs between 2020 and 2023.

However, note that this program is an initiative of the Federal Ministry of Youth and Sports Development (FMYSD), sponsor by the Central Bank of Nigeria (CBN)! To assist young, energetic, result-oriented, and entrepreneurs.

The program is solely for youths that have excellent and realistic ideas that will build a sustainable business that can activate enterprise and increase job opportunities in Nigeria.

See also: Formalisation Support – FG Free 250,000 Business Names Registration

Important Things You Should Know About The NYIF

  1. The loan interest rate is 5 percent annually.
  2. The maximum number of years for the repayment period is 5 years.
  3. Individual / Non-registered Businesses: Can access up to N250,000.00.
  4. Registered Businesses (Business Name / Limited Liability / Cooperative Societies/ Commodities Associations): Can access up to N3,000,000.00
  5. Working capital shall be a maximum of 25% of the average of the previous 3 years’ annual turnover. (where the enterprise is not up to 3 years in opera.
  6. You will be given a one-year moratorium
  7. To be trained, Visit the nearest approved Federal Ministry of Youth & Sports Development (FMYSD) Entrepreneurship Development Institute (EDIs) or http://www.youthandsport.gov.ng

What Are The Reasons For The NYIF?

There are three basic reasons for this program, first is to make funds available and accessible for youths and youths that are business-oriented so as to boost the economy of the nation. The second objective of this initiative of NYIF is to create employment opportunities through engaging the youth in entrepreneurship and thereby reducing the rate of unemployment in the country.

The third aim of this program is to train the youths with the necessary knowledge and business skills that will make the youths become successful entrepreneurs and future large corporate organizations.

Read also: Apply For FG 75Billion MSME Survival Fund For Payroll Support Scheme

National Youth Investment Fund Eligibility

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

How To Access The  N75B Nigeria Youth Investment Fund

To access the N75B National Youth Investment Fund, kindly follow the below steps;

  1. The Federal Ministry of Youths and Sports Development will train you in the area of entrepreneurship and it is a must for all applicants.
  2. After the training, if you are successful, kindly visit the NIRSAL Microfinance Bank (NMFB) application portal @ https://nyif.nmfb.com.ng/ and register
  3. Next is to submit your application on the portal after filling in all the information needed.
  4. NMFB will conduct loan assessment in line with Risk Assessment Criteria and program guideline, then make an appropriate decision and forward recommended applications to CBN for final approval.
  5. Then the Central Bank of Nigeria will crosscheck the application and then instruct the NMFB for final disbursement if they are certified with the application.

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