by How to Apply Nigeria Youth Investment Fund (NYIF) – Nyif.nmfb.com.ng 2020 Portal – Application Details, Guidelines And General Requirements
Nigerian Youth Investment Fund NYIF is a government initiative created to boost the Nigerian economy through leverage and access to finance for youths.
The fund hopes to serve as a catalyst to unleash the potential of the youth and enable many of them build businesses that will increase the employment rate.
The NYIF aims to reach 500,000 youth annually between 2020 and 2023. Each fund approval will range from N250, 000 to N50, 000,000, with a spread across group applications, individual applications, working capital loans set at 1 year and term loans set at 3 years with single digit interest rate of 5%.
Disbursement will be through various channels, which will include micro finance, finance firms and deposit money banks regulated by the Central Bank of Nigeria and supported by Bank of Industry.
Start or grow your own business with the help of a government-backed loan and free business support. A great alternative for individuals looking for business loans to fund their business.
PROS
- Low interest rate
- Collateral free
CONS
- Numerous documentation required
- Existing viable business required
The Federal government has officially unveiled the registration portal for the N75 Billion Nigeria Youth Investment Fund (NYIF), thereby paving the way for interested young Nigerians between the age of 18-35 years old to apply.
Successful applicants will undergo 5 days of compulsory online training which is free. Fund approval will range from N250,000 to N5,000,000 with a spread across group applications, individual applications, working capital loans set at 1 year, and term loans set at 3 years.
Requirements For Nigeria Youth Investment Fund (NYIF) – Nyif.nmfb.com.ng 2020
• Bank Verification Number (BVN)
• Phone number
• Gender
• Residential Address
• Geo-Political Zone
• State of Origin
• LGA
• Educational Level
• Select Preferred Training Center
• How did you hear about NYIF? (select option)
How To Apply For Nigeria Youth Investment Fund (NYIF) 2020
Youth with business ideas that require funding can apply for the fund through the following link:
Good luck to all applicants.
