Application process for Nigeria Youth Investment Fund


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Application process for Nigeria Youth Investment Fund

AN INITIATIVE OF THE FEDERAL MINISTRY OF YOUTH AND SPORTS DEVELOPMENT FUNDED BY THE CENTRAL BANK OF NIGERIA. The Nigeria Youth Investment Fund (NYIF) aims to financially empower Nigeria’s youth to generate at least 500,000 jobs between 2020 and 2023.

About Nigeria Youth Investment Fund

The Nigerian Youth Investment Fund (NYIF) is an initiative of the Federal Ministry of Youth and Sports Development (FMYSD) setup to equip the youth financially in order for them to deliver their God given talents and skills thus maximizing the opportunity to activate enterprise and increase job opportunities across the nation.

The idea behind Nigeria Youth Investment Fund

The ideas behind Nigeria Youth Investment Fund NYIF is to build sustainable businesses that can activate enterprise and increase job opportunities in Nigeria. The fund is dedicated to investing in the innovative ideas, skills & talents of Nigerian youths aimed at turning them into entrepreneurs, wealth creators and employers of labour, contributing to national development.

Who is Nigeria Youth Investment Fund NYIF for?

The plan targets young people between the ages of 18-35 years and details the needed actions required to support business establishment, expansion and consequent employment creation for youth in critical economic and social sectors.

Application Procedures for Nigeria Youth Investment Fund NYIF

How-to-Apply for Nigeria Youth Investment Fund

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The application for the Federal Government of Nigeria Youth Investment Fund is done online by filling the nyif application form at Nigeria Youth Investment Fund websites nyif.nmfb.com.ng  based on information provided at noya.ng. Participation in program will involve the following steps;

1. Get Trained

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

2. Apply For Loan

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

3. Submit an Application

Eligible applicants submit applications successfully on NMFB’s portal.

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.

5. Disbursement

CBN reviews applications and gives final approval for disbursement to NMFB

Who is Eligible to apply for NYIF

Informal Business Enterprises (Individuals and Sole Proprietors) A huge percentage of youth are engaged in the informal sector. Accordingly, the NYIF will facilitate the transition of informal enterprises owned by youth into the formal mainstream economy where they can be supported comprehensively, build a bankable track record; and be accurately captured as active participants in
economic development. An eligible youth must fulfill the following conditions:

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(i) Be a youth within the age bracket of 18-35 years.
(ii) Have business/enterprises domiciled and operational in Nigeria.
(iii) Has not been convicted of any financial crime in the last 10 years.
(v) Has a valid Bank Verification Number (BVN)
(vi) Possess Local Government Indigene Certificate.

Formal Business Enterprises (Youth Owned Enterprises)

These are enterprises that are legal entities duly registered with the Corporate Affairs Commission (CAC). Documents Required:

(i) Evidence of registration with Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A);
(ii) Business questionnaire;
(iii) List of Directors with BVN nos.;
(iv) Evidence of regulatory approvals (where applicable);
(v) Tax Identification Number (TIN).

Ineligible Applicants

– Applicants currently enjoying NMFB loans, including the Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS) loans that remain unpaid are NOT eligible to apply.
– Beneficiaries of other government loan schemes that remain unpaid are also not eligible to participate.

Moratorium

– Moratorium of up to 1 year may be allowed depending on the nature of the business and the assets acquired.

Interest Rate

– Interest rate under the intervention shall be at not more than 5% per annum (all inclusive).

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Training

Applicants shall undergo a compulsory entrepreneurship training arranged or approved by the Federal Ministry of Youth and Sports Development.

Eligible Activities/Businesses

Legally allowed activities in the sectors or focal areas listed below shall be eligible:
(i) Technology/ Innovation;
(ii) Agriculture and related value chain;
(iii) Green Economy and Renewable energy sector;
(iv) Manufacturing,
(v) Hospitality/Tourism;
(vi) Construction;
(vii) Logistics and supply chain;
(viii) Healthcare value chain,
(ix) Creative sector and
(x) Trading and Services.
(xi) Others as may be determined by NYIF/CBN from time to time.

Types of Facilities

Term Loan (for asset acquisition/improvement)
(i) Individual (Unregistered business)
Shall be determined based on activity/nature of project subject to the maximum of N250,000

(ii) Registered Businesses (Business name, Limited Liability, Cooperative, Commodity Association shall be determined by activity/nature of project subject to the maximum of N3.0 million (including working capital).

Note: Immovable assets acquired with the loan must be registered with the National Collateral Registry (NCR)

To apply follow link Apply for Nigeria-Youth-Investment-Fund

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This Post was Last modified on 16/04/2021
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