Are you looking for how you can apply for the Nigerian Youth Investment Fund, then you shouldn’t look too far because we are going to show you everything you need to know about the NYIF application and how you can increase your chances of getting it.
The Nigerian Youth Investment Fund is a programme that has been designed to facilitate the empowerment of micro, small and medium scale enterprises that are owned by youths through a 75 billion naira worth loan that is funded by the Central Bank of Nigeria and approved by the Federal Government of Nigeria.
The programme will be spread over three years and it will be managed by the Federal Ministry of Youth and Sport Development (FMYSD) and the application portal is www.youthandsport.gov.ng/apply/.
This programme is going to provide support for businesses that are owned by youths and also invest in innovative ideas of youths who want to become entrepreneurs and job creators.
In this write up, we will be revealing all the necessary information about the NYIF Application portal 2022 and how you can apply so ensure that you follow through to the end of this article so you don’t miss out on any information.
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Who Is Eligible For The Nigerian Youth Investment Fund
The fund is strictly for youth or individual between the ages of 18 to 35 years. Youths that own a small or medium scale enterprise are eligible for the loan whether you are a trader, hairdresser, tailor or artisan.
If you wish to apply for the loan as an individual or a non-registered business, you can get up to N250,000 and if you are a youth that owns a registered business, you could get up to N3 million.
The NYIF has an interest rate of 5% per annum and a repayment period of 5 years with a moratorium of up to 12 months.
Which People Are Not Eligible For The Nigerian Youth Investment Fund (NYIF)
Beneficiaries of the NIRSAL Microfinance Bank (NMFB) loans like the Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS) that remain unpaid are not eligible to apply.
Beneficiaries of other Government loan schemes that remain unpaid are not eligible to apply.
What Are The Benefits Of Applying For The NYIF?
- You get the opportunity to get loan for your business as a youth.
- You get access to digital training and a pathway to enterprise through FMYSD and CBN led training opportunities.
- You have access to participate in empowerment programs and entrepreneurship training programs organized by the Ministry.
- You get access to real time information on all youth entrepreneurship initiatives.
- The program provides limitless marketing opportunities for Micro, Small and Medium Enterprises.
- You get funding from other public and private sector, financial institutions, including international donor Agencies.
Requirements To Be Eligible For The NYIF
For you to apply for the NYIF, you will have to meet certain requirements and we will be talking about them shortly.
Informal Business Enterprise (Individual and Sole Proprietors)
- You must be a Nigerian youth within the age bracket of 18 to 35 years of age
- You must have an operational business or enterprise based in Nigeria (those with unregistered business can also apply)
- You must have a valid Bank Verification Number (BVN)
- You must not have been convicted of any financial crime in the last 10 years
- You must have evidence of Local Government Indigene Certificate
Formal Business Enterprises- Enterprises owned by Youths
- Properly registered formal business enterprises (Youth owned enterprises) with Corporate Affairs Commission (CAC)
- Evidence of Training Certificate from approved FMYSD EDIs
- Valid Bank Verification Number (BVNs) of Directors + Provisions of Tax Identification Number (TIN)
- Provision of Business plan Summary/ Or completed Questionnaire
Eligible Business Activities
- Agriculture and related value chain
- Technology/ Innovation
- Green Economy and Renewable energy sector
- Logistics and supply chain
- Hospitality and Tourism
- Creative sector
How To Apply For Nigeria Youth Investment Fund
Once you are certain that you meet the requirement for the fund whether as an individual or business, you can proceed with the application. Here are the steps you should follow:
- Visit the NYIF application portal www.nfmb.com.ng/ or visit www.noya.ng/.
- Fill in your personal details like your names and then your 11-digit BVN
- If your BVN has been successfully verified, your date of birth will be loaded automatically. So you enter your phone number, email address and select your gender.
- Fill in your residential address, state and local government area. Check well to ensure that there are no errors and you click “Next” to continue.
- Select your geo-political zone- whether North-West, North-East, North-Central, South-West, South-East and South-South.
- Select your state of origin and local government area of origin. They can be different from your residential state and local government if you don’t live in your state of origin.
- Choose your educational level and then click “Next” to proceed to the final stage.
- Choose your preferred training centre and how you heard about the NYIF (the training will be held online and it is a 5-days training.
- After you must have been trained successfully, you can proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.
- Submit your application on the portal.