How Can I Apply for N75 Billion Nigeria Youth Investment Fund

The Federal Ministry of Youth and Sports Development, on Thursday, October 15, 2020, flagged off the application for the N75 billion Nigeria Youth Investment Fund (NYIF) recently approved by the Federal Government.

The NYIF is an initiative of the Federal Ministry of Youth and Sports Development and funded by the Central Bank of Nigeria (CBN), which would be spread over 3 years to cater to youth-owned businesses and investment needs. The CBN Youth Investment Fund is dedicated to investing in the innovative ideas, skills, talents and enterprise of the Nigerian youth with the aim of turning them into entrepreneurs.

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Applications are now open for the Federal Government’s N75 billion Nigeria Youth Investment Fund (NYIF). Funded by the Central Bank of Nigeria (CBN), the NYIF scheme was launched by the Federal Ministry of Youth and Sports Development (FMYSD) to provide investment loans to youths and youth-owned businesses in the country.

Individuals or non-registered businesses can access up to N250,000 in funding while youth-owned registered businesses can apply for up to N3 million. Granted loans will run for a maximum of 5 years and attract a 5% interest per annum.

Objectives of the scheme:

Improve access to finance for youths and youth-owned enterprises for national development.
Generate much-needed employment opportunities to curb youth restiveness.
Boost the managerial capacity of the youths, and develop their potentials to become the future large corporate organizations.

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What you should know:

Recall that on the 22nd of July, 2020, the Federal Executive Council (FEC) approved the sum of N75 billion for the establishment of the Nigeria Youth Investment Fund for the period of 2020 – 2023.
The fund was created to support the innovative ideas, skills and talents of Nigerian youths, and to institutionally provide Nigerian youths with a special window for accessing much-needed funds, finances, business management skills and other inputs critical for sustainable enterprise development.

The fund targets young people between the ages of 18 and 35 years.
Beneficiaries of NMFB, TCF and AgSMEIS loans, and other government loan schemes that remain unpaid are also not eligible to participate.
Individuals (unregistered businesses) shall be determined based on activity/nature of projects subject to the maximum of N250,000.
Registered businesses (Business name, Limited Liability, Cooperative, Commodity Association) shall be determined by activity/nature of projects subject to the maximum of N3.0 million (including working capital).
The tenor of the intervention is for a Maximum of 5 years, depending on the nature of the business and the assets acquired, of which interest rate of not more than 5% under the intervention shall be charged annually.
The Federal Ministry of Youth and Sports Development (FMYSD) will collaborate with relevant stakeholders to identify potential training for training/mentoring.

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The youths that are duly screened (and undergo the mandatory training where applicable) shall be advised to login to the portal provided by the NMFB to apply for the facility.

GENERAL ELIGIBILITY:

Nigerian Youth within the age of 18 and 35 years
Youths with Innovative ideas, skills, talents and enterprise
FORMAL BUSINESS ENTERPRISES – Youth Owned Enterprises
Duly registered formal business enterprises (Youth owned enterprises) with Corporate Affairs Commission (CAC)
Provision of Business plan Summary / Or Completed Questionnaire
Evidence of Training Certificate from approved FMYSD EDIs
Valid Bank Verification Number (BVNs) of Director
Provision of Tax Identification Number (TIN)
INFORMAL BUSINESS ENTERPRISES (INDIVIDUAL / SOLE PRORIETORS)
Must be a Nigerian youth within the age bracket of 18 to 35yrs
Have an operational business /enterprise domiciled In Nigeria (Those with unregistered business can also apply)
Has not been convicted of any financial clime in the last 10 years
Valid Bank Verification Number (BVN)
Evidence of Local Government Indigene Certificate

INEGIBILITY:

Beneficiaries of NMFB loans (such as 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.

How to Apply:

Here are five (5) easy steps to apply for the Nigeria Youth Investment Fund (NYIF):

1. Apply through the NYIF Portal
Interested and qualified youths with business ideas that require funding can apply for the fund through the following application portal – https://nyif.nmfb.com.ng/Applicants/New, on your mobile phone or computer. Click “Apply Here” to proceed.

2. Fill in your Personal Details
Enter your first, middle and last names. Your last name is your surname. Fill in your 11-digit BVN correctly. Click “Next” to continue.

3. Input Your Residential Information
If your BVN has been successfully verified, your date of birth will automatically load at this stage. Enter your phone number, email address and select your gender.

Fill in your residential address, state and local government area. These are the house address, state and local government area where you live. Check again to ensure there are no errors. Click “Next” to continue.

4. Select Zone and Educational Level
At this stage, enter your geo-political zone – North West, North East, North Central, South West, South East or South South.

Select your state of origin and local government area of origin. These are different from your state and local government area of residence except you live in your state of origin.

Choose your highest educational level then click “Next” to proceed to final stage.

5. Select Training Centre and Submit
Here is the final stage of your application. Simply choose a preferred training centre and how you heard about the NYIF.

The 5-day training is free and will be held online. Tick the declaration box and click “Submit” to finish.

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.