Make your dreams a reality and grow your ideas into wealth by taking part in the ongoing Nigeria Youth Investment fund. Take advantage of the NYIF Loan Application, and create a better life. Also, you can augment job chances in the country at large.
Are you concerned about how to start? Browse through and learn about the CBN’s Youth Investment Fund and how to apply.
About the Nigeria Youth Investment Fund (NYIF)
The NYIF( Nigeria youth Investment Program) is a program headed by the Federal Ministry of Youth and Sports Development(FMYSD). The CBN (Central Bank of Nigeria) funds this scheme to support youth in creating businesses that can trigger enterprise and employment chances in Nigeria. The goal is to invest in Nigerian youngsters’ creative ideas, talents, and abilities. As a result, to become business owners, wealth producers, and labor employers who further the development of their country.
The primary aim is to look out for young people between the age of 18 to 35 years. Furthermore, it describes the necessary steps to promote business formation, growth, and employment for young people in vital economic and social parts.
Above all, the primary pursuits of this scheme are to:
- Grant youth access to own enterprise
- Create job opportunities to curb idleness
- Improve the young people’s managerial skills
- And nurture their ability to be the future corporations.
How does NYIF Loan work?
It takes only but few processes.
- First, applicants must embark on entrepreneurship training with a certified Federal Ministry of Youth & Sports Development (FMYSD) EDIs.
- After the training, successful students advance to NMFB(NIRSAL Micro Finance Bank) portal to request a loan.
- Qualified applicants submit their applications to NMFB’s portal. Then, the NMFB considers loans following the program guidelines and Risk Assessment Criteria, makes the necessary decisions, and passes suggested applications to the CBN for final confirmation.
- CBN then gives final approval for payment to NMFB.
Who Can Apply For the Nigeria Youth Investment Fund Scheme?
Individuals around 18 to 35 years or non-registered businesses can apply for the Nigeria youth investment fund. And, Registered Businesses can also enroll.
For individual or non-registered businesses, check the following requirements:
- An active BVN or ID
- Business plan summary submission or questionnaire completion
- FMYSD Entrepreneurship Development Institutes’ Entrepreneurship Training Certification (EDIs)
For registered businesses, check the requirements below:
- Provision of TIN(Tax Identification Number)
- Legal business enterprises (Youth owned enterprises), registered with the Corporate Affairs Commission (CAC)
- Active Bank Verification Number (BVNs) of Directors
- Entrepreneurship Training Certification from FMYSD EDIs
- Business plan Summary or Completed Questionnaire
How to Apply for the Nigeria Youth Investment fund(NYIF)
To apply for the NYIF program, follow the below procedures carefully.
Note; Individual/non-registered businesses and Registered businesses can apply for the NYIF program.
For Individual/Non-registered businesses, follow the guide below:
- Go to the NYIF Application Portal.
- Enter your information to confirm
- Choose your favorite training center and,
- Choose how you learned about The Nigeria Youth investment fund
Now for Registered Business, check below:
- Email address
- Personal name
- CAC registration details
- Business type
- Business name
How to Check NYIF Loan Application status
After your registration, you can follow the guide below to check your loan status:
- Go to the NYIF official page
- Input your log-in details
- Click on the dashboard, then choose the loan status tab
- Click next to put your account information
- Click submit.
How Much Can NYIF Pay?
Although it falls to the business scale and its evaluation. The Nigeria Youth Investment fund disbursed to beneficiaries not less than 3 million Naira. Roughly 6,000 youths and counting benefited from the first disbursement.
Is NYIF Loan Still Ongoing?
Yes. The portal is wide open to youth youths in the country. Also, we are yet to know about the closing date.