The Federal government has officially unveiled the registration portal for the N75 Billion Nigeria Youth Investment Fund (NYIF), thereby paving the way for interested young Nigerians to apply.
The Nigeria youth investment fund, an initiative of the ministry of youths and sports is being funded by the Central Bank of Nigeria (CBN) and targeted at individuals between the age of 18-35 years.
The Federal government had on July 22, 2020, approved the establishment of the Nigeria Youth Investment Fund, NYIF, a dedicated fund aim at investing in innovative ideas, skills, talents, and enterprise of the Nigerian Youth and aimed at turning them into Entrepreneurs, wealth creators and employers of labour contributing to national development.
The Nigeria youth investment fund initiative, which is part of President Muhammadu Buhari’s plan to address unemployment in the country targets 500,000 youth annually. A minimum of N25 billion will be disbursed each year over the next three years, totalling N75 billion.
Each fund approval will range from N250,000 to N50,000,000, with a spread across group applications, individual applications, working capital loans set at 1 year, and term loans set at 3 years with a single digit interest rate of 5%,”.
Who is eligible for Nigeria Youth Investment Fund (NYIF)
Interested persons must be a Nigerian youth within the age bracket of 18 to 35yrs. He or she must have or intends to have a business/enterprise domiciled In Nigeria (Those with unregistered business can also apply). The individual must have been free of any financial crime in the last 10 years and have a Valid Bank Verification Number (BVN)
Who is NOT qualified to apply for NYIF
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. Moreso, beneficiaries of other Government loan schemes that remain unpaid are also not eligible to apply.
The NYIF Application Process
The registration process is quite easy and straightforward. Interested person can visit the official NYIF portal (nyif.nmfb.com.ng) and fill out the information below and submit.
• Residential Address
• Geo-Political Zone
• State of Origin
• Educational Level
• Select Preferred Training Center
• How did you hear about NYIF?
This is NOT free money! It is a loan from the Central Bank that is tied to your BVN and you MUST REPAY. Do not apply if you don’t need it.
LOAN TENOR: Maximum of 5 years
MORATORIUM: Maximum of 12 months
REPAYMENT STRUCTURE: Repayment will be on an installment basis inline with businesses and NMFB evaluation.
If you are a youth with a business idea and interested in applying for the Nigerian youth investment fund (NYIF). Kindly visit: nyif.nmfb.com.ng
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