Youth Investment Fund in Nigeria (NYIF)-How to Apply

Youth Investment Fund in Nigeria (NYIF)-How to Apply- The Nigerian Youth Investment Fund (NYIF) was established as a Federal Ministry of Youth and Sports Development (FMYSD) initiative and is funded by the Central Bank of Nigeria (CBN) to invest in youth ideas in order to build sustainable businesses that can activate enterprise and increase job opportunities in Nigeria. The fund is fully committed to investing in Nigerian youths’ innovative ideas, skills, and talents in order to transform them into entrepreneurs, wealth creators, and labour employers, thereby contributing to national development.

CHECK THE APPLICATION STATUS HERE

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The plan is aimed at young people aged 18 to 35 and outlines the necessary actions to support business establishment, expansion, and subsequent job creation for youth in critical economic and social sectors.

Objectives of the Scheme

Access

Improve access to finance for youth and youth-owned enterprises, for national development

 Employment

Generate much-needed employment opportunities to curb youth restiveness.

 Training

Boost the managerial capacity of the youth and develop their potential to become future large corporate organizations.

NOTE: The NYIF aims to financially empower Nigeria’s youth to generate at least 500,000 jobs between 2020 and 2023.

Who is Eligible?

 Individuals / Non-registered Businesses

• Individuals within the age bracket of 18 to 35 years
• Has a valid BVN and means of ID
• Provision of Business plan Summary or Completed Questionnaire
• Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs)

 Registered Businesses

• Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)
• Business plan Summary or Completed Questionnaire
• Valid Bank Verification Numbers (BVNs) of Directors
• Provision of Tax Identification Number (TIN)
• Entrepreneurship Training Certification from FMYSD EDIs

How it works

Step 1

Get Trained

Applicants to attend compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs

Step 2

Apply for Loan

Successfully trained prospective applicants to proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.

Step 3

Submit an Application

Eligible applicants submit applications successfully on NMFB’s portal.

Step 4

Approval

NMFB conducts loan assessment in line with Risk Assessment Criteria and program guideline, make the appropriate decision, and forward recommended applications to CBN for final approval

Step 5

Disbursement

CBN reviews applications and gives final approval for disbursement to NMFB

CHECK THE APPLICATION STATUS HERE