Do you know that with the Nigerian Youth Investment Fund, NYIF Loan you can access up to N3 Million? The NYIF Loan has the main objective to invest in the innovative ideas, skills & talents of Nigerian youths aimed at turning them into entrepreneurs, wealth creators, and employers of labor.
How do I check my NYIF loan? Is NYIF application still ongoing? What is the maximum amount for NYIF loan? How much is NYIF paying?
The NYIF Laon is dedicated to investing in the innovative ideas, skills & talents of Nigerian youths aimed at turning them into entrepreneurs, wealth creators, and employers of labor, contributing to national development.
The NYIF Loan plan 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.
Duration for the NYIF Loan
The Nigerian Youth Investment Fund loans term have a maximum tenor of not more than 5 years.
The interest rate for the Nigerian Youth Investment Fund (Loan)
The NYIF has an interest rate under the intervention is 5% per annum (all inclusive).
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How much money can be Loaned from NYIF?
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
Loan Eligibility for Individuals
The following are the criteria for selection for individual who wants to apply for the Nigerian Youth Investment Fund:
- 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)
NYIF Loan Eligibility for Registered Businesses
To be selected for the Nigerian Youth Investment Fund, registered businesses must meet the following criteria:
- 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 apply for the National Youth Investment Fund
The following are step by step process to apply for the NYIF:
- Get Trained: Applicants to attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs
- Apply For Loan: Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.
- Submit An Application: Eligible applicants submit applications successfully on NMFB’s portal.
- 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.
- Disbursement: CBN reviews applications and gives final approval for disbursement to NMFB
About NYIF Loan
The Nigerian Youth Investment Fund (NYIF) loan 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.
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