Do you need funds to boost or set up your business? Here is the good news as the federal government application portal for N75 billion Nigeria Youth Investment Fund (NYIF) has been opened for young business-minded Nigerians to apply.
In this post, we’ll tell you the requirements for NYIF, how to apply and what you need to do to have a successful application.
The investment fund is an initiative of the ministry of youths and sports headed by Mr Sunday Dare financed by the Central Bank of Nigeria (CBN), a few weeks after the Survival Fund for Nigerian MSMEs was launched.
Recall that the minister had on July 22, stated that the federal executive council approved the establishment of NYIF and earmarked N75 billion for the programme.
Objective of Nigeria Youth Investment Fund (NYIF)
The primary objective of the NYIF is to support Nigerian youths with funds to help them bring into fruition their innovative ideas, skills, and talents thereby turning them into entrepreneurs.
Duration of the programme
The funding targets 500,000 youth annually for the next three years with a minimum of N25 billion which will be disbursed each year.
It is one of the plans to address unemployment in Nigeria.
It is designed in such a way that it will be sustained by successive governments.
Though the year 2020 is a few weeks to end, Dare stated that an initial sum of N12.5 billion will be needed to commence the NYIF.
How much will NYIF applicants get?
According to the youths minister, “The fund 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%.”
How will the fund be disbursed?
Disbursement of the fund will be through various channels, which will include microcredit organisations across Nigeria the CBN supported by the Bank of Industry, fintech organisations and venture capital organisations registered with the CBN.
Button line: You must have genuine business ideas and registered business entities.
Individual or non-registered businesses are able to draw up loans of up to two hundred and fifty thousand naira (₦250,000.00), while youth-owned registered businesses can apply for up to three million naira (₦3,000,000.00).
Loans are with a tenor of five years and moratorium of up to 12 months.
General Eligibility For Individual or non-registered businesses NYIF
- Must be a Nigerian
- Must fall within the age of 18 and 35 years
- You must Innovative ideas, skills, talents and enterprise
Requirements For Formal Business Enterprises – Youth Owned Enterprises
- Duly 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 Director
- Provision of Business plan Summary / Or Completed Questionnaire
- Provision of Tax Identification Number (TIN)
Informal Business Enterprises (Individual / Sole Proprietors)
- Not below 18 and not above 35-year-old
- Evidence of operational business in Nigeria even if your business is yet to be registered
- Not convicted of any financial crime in the last 10 years
- Valid Bank Verification Number (BVN)
- Evidence of Local Government Indigene Certificate
Required Documentation For NYIF
- Duly completed Application form
- Valid Bank Verification Number (BVN) for Individuals and Directors
- Training Certificate from approved FMYSD EDIs
- A copy of Birth Certificate
- Evidence of registration with Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A
- Evidence of Local Government Indigene certificate
- Valid Tax Identification Number (TIN)
- Valid means of Identification (Voter’s Card. Drivers License. National ID/NIN Slip 3. International passport)
- A Summary Business plan / Questionnaire
How To Apply for N75Billion Nigeria Youth Investment Fund
If you meet any of the above requirements, it’s time to submit your application and be one of the beneficiaries.
You can gain access to this fund irrespective of political affiliation, religion or ethnic group. It is designed for all creative and innovative Nigerian youths.
Interested and qualified youths with business ideas that require funding can apply for the fund through the NYIF application form via the portal at nyif.nmfb.com.ng/Applicants/New