Apply For Nigeria Youth Investment Fund In 2022 [LATEST UPDATE]
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GeneralInvestment

Apply For Nigeria Youth Investment Fund

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.

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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.

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So how do you apply for Nigerian Youth Investment Fund?

We will be giving you all the details in this write-up, so follow through till the end of the article so you don’t miss out on any information.

Who Is Eligible For The Nigerian Youth Investment Fund?

If you are a youth or individual between the age of 18 to 35 years and you are aiming to start up any form of business, then you are eligible to apply for this loan.

If you are a youth and you own a small or medium scale enterprise, then you are eligible for the loan. Whether you are a tailor, artisan, hairdresser, trader or manufacturer.

If you wish to apply for the loan as an individual or a non-registered business, you could draw up to N250,000 and if you are a youth that owns a registered business, you could get up to N3 million naira.

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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.

What Are The Criteria For Selecting Eligible Candidates For NYIF?

Some of the eligibility criteria are:

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
  • Construction
  • Healthcare
  • Manufacturing
  • Creative sector

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.

How To Apply For Nigeria Youth Investment Fund

Step 1: You can visit the ministry’s website

You can visit the ministry’s website: www.youthandsport.gov.ng/ or apply through the NFMB portal/site (NIRSAL Microfinance Bank’s) www.nmfb.com.ng/ or visit www.noya.ng/.

Step 2: Fill in your personal details

Enter your first, middle and last names. Your last name is your surname. Then you fill in your 11-digit BVN correctly and click “Next” to continue.

Step 3: Input your residential information

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.

Step 4: Select zone and educational level

This is where you enter 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.

Step 5: Select training centre and submit

Here, you will have to choose a preferred training centre and how you heard about the NYIF.

The training will be held online and it is a 5-days training.

Step 6: Apply for loan

After you must have been trained successfully, you can proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.

Step 7: Submit an Application

Submit your application to NMFB’s portal.

Step 8: Approval

The NMFB will conduct a loan assessment in line with Risk Assessment and also programme guideline and protocols to be able to make the right decision and then forward your application to CBN for final approval.

Step 9: Disbursement

After CBN must have gotten the application, they will have to carry out a review on the applications and then give their final approval for the disbursement to NMFB to beneficiaries.

What Are The Benefits Of Applying For The NYIF?

  • You get the opportunity to get loan for your business as a youth
  • You have access to participate in empowerment programs and entrepreneurship training programs organized by the Ministry.
  • You get access to digital training and a pathway to enterprise through FMYSD and CBN led training opportunities
  • 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.
  • You get access to real time information on all youth entrepreneurship initiatives

Final Note

We have given you in-depth details about the Nigerian Youth Investment Fund (NYIF) how you can be eligible for the loan and how you can apply for the loan.

You are not to pay any money to anyone as the application is free and forms are available at the Nigeria Youth Investment Fund portal nyif.nmfb.com.ng and noya.ng.

Start your application now so that you can secure loan for your business whether start-up or already existing.

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