Since the commencement of the Nigeria Youth Investment Fund, the Federal Government has disbursed N165,700,000 loans to 239 NYIF beneficiaries.
In a tweet, it said, “The Nigeria Youth Investment Fund (NYIF), being implemented by Ministry of Youth and Sport, has successfully completed its pilot disbursement of loans totalling N165,700,000 to 239 beneficiaries ahead of the processing of the over three million applications so far received.”
If you applied for the NYIF, but yet to get feedback on your loan application? Don’t worry you can make the list of the second batch as we’ll be telling you what you need to do right.
The idea was developed by the minister Sunday Dare and his team. The template was presented before the Federal Executive Council (FEC) in July 2020 in Abuja.
On approval, the Dare partnered with:
- CBN (investor),
- Ministry of Finance, Budget and National Planning
- Nigeria Incentive-Based Risk Sharing System for Agricultural Lending also known as NIRSAL
NIRSAL is a Microfinance Bank funded by Nigeria’s apex bank to finance SMEs loans and grant for small businesses.
Number of NYIF applicants
There are over three million Nigerian youths (3,120,107 ) who submitted their application on the CBN-backed funding for the businesses majorly focusing on SMEs owned and managed by those who are not above 35 years.
The sum of N75 billion three-year financing was made available for the programme.
Those who already benefited from the AGSMEIS loan were automatically excluded from the NYIF.
Process of qualification:
There are four basic steps in the process of application:
- Uploading of a business plan.
A total of 500 applicants made it to the next stage after application to apply for the NYIF loan after training.
Out of the 500 invited for the loan application, only 393 completed the loan application process while 293 applied early and their loan was processed which was forwarded to the CBN for approval.
On approval by CBN, a total of 239 received funds totalling N165,700,000.00.
Why you didn’t make the list
The application process was in stages. Some people only applied without following up on other stages of the loan.
For instance, after your registration, you have to upload your business plan on NYIF-NIRSAL portal
If your business plan is worth funding, you would be invited for training.
It seems the ministry only conducted training within its capacity instead of using CBN-certified Entrepreneurship Development Centres or EDC across the six geopolitical zones in the country.
We also learnt that those who completed the process but yet to receive their loan would be settled when issues relating to banking are resolved.
If you didn’t make the list or you haven’t applied, the portal is still accepting application.
Merits of the NYIF loan:
- It has a low-interest rate
- It is a collateral-free loan
- It requires several documentations
- Priority is given to an existing viable business
If you have an existing business and ready to apply, here are the required documents:
- Bank Verification Number
- Passport photographs
- Official Government Identification
- Training Certificate
- Fundable business idea
- Registered business
- Nigeria Citizenship
- Notarized Guarantor Forms
- NYSC certificate for graduates
Above all, an applicant must be between the ages of 18 and 35 years old
Scaling up the process:
The Ministry promised to scale up the number of applicants being trained once it onboards EDCs, saying it has funds for training in the 2021 budget.
You could get up to N250,000 for individuals whose businesses are not registered and up to N3,000,000.00 for registered businesses.