Nigerian Youth Investment Fund (For Individuals &Businesses)

This is to inform the general public that the application portal for Nigerian Youth Investment Fund is now open. You can now access up to N3 million credit facility through the federal government of Nigerian Youth Investment fund program targeted at young individuals and business owners.

The program is dedicated to investing in the innovative ideas, skills and talent of Nigerian Youths aimed at turning them into entrepreneurs, wealth creators and employers of labor. The Nigerian Youth investment fund (NYIF) was set up as an initiative of the Federal Ministry of Youth and Sports Development (FMYSD) and funded by the Central Bank of Nigeria (CBN).

See Also: NEXIT Portal ; How to Apply for Nigerian CBN Empowerment

Application Procedures

The application for the Federal Government of Nigeria youth Investment fund is done online by filling the Nigeria Youth Investment Fund (NYIF) application form at Youth Investment Fund Website nyif.nmfb.com.ng based on information provided at noya.ng.  Participation in programs will involve the following steps;

Step 1: Get Trained

Applicants to attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth and Sports Development (FMYSD) EIDs.

Step 2: Apply for loan

Successfully trained prospective applicants proceed to NNIRSAL Microfinance Bank (MFB) 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 programme guideline, make 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.

Important: Application forms should be made available At the Nigeria Youth Investment Fund Websites nyif.nmfb.com.ng and noya.ng (informational)

Click here to start application

Visit the official webpage for further details

Eligibility and Selection Criteria  

The selection of candidates for the Nigerian Youth Investment Fund will be based on the following eligibility criteria ;

Informal Business Enterprises (Individual and Sole Proprietors)

  • Must be a Nigeria Youth between the age bracket of 18 to 35 years of age
  • Have an operational business / enterprise domiciled in Nigeria (Note: Those with unregistered business can also apply)
  • Has not convicted of any financial crime in the last 10 years
  • Valid bank verification Number (BVN)
  • Evidence of Local Government indigene certificate

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 directors + Provisions of Tax Identification Number (TIN)

Eligible Activities / Business

Ineligibility 

The following sets of people are not eligible;

  • Beneficiaries to 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.

Program Sponsor(s): The Federal Government of Nigeria.

Program Type: Youth Investment Fund (investment loan).

Program Targeted at: Individuals and Businesses Owners Youth  Only)

Funding Amount: N250,000 to N3,000,000

Loan Tenor: 5 years.

Interest Rate: 5% p.a (All inclusive).

 

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