Applications are currently encouraged for the Nigeria Youth Investment Fund 2020. The Central Bank of Nigeria (CBN) is the body that funds the Nigeria Youth Investment Fund (NYIF) which was launched by the Federal Ministry of Youth and Sports and Development to provide youths and youths-owned businesses investments in the country.
About the Nigeria Youth Investment Fund (NYIF) 2020
The NYIF is a fund that is dedicated to investing in Nigeria Youth’s innovative ideas, skills, and talents to build sustainable businesses that can help increase the employment opportunities in Nigeria and activate enterprise. The fund aims to turn Nigerian Youths into entrepreneurs, wealth creators, and employers of labour to contribute to the development of the country.
The N75 Billion Nigeria Youth Investment Fund (NYIF) intends to give empowerment to Nigeria youths with the aim of generating a minimum of 500,000 employment opportunities between 2020 and 2023.
Applicants who emerge successfully will go through five days of online training which is compulsory and free. The range of fund approval is between N250, 000 and N500,000 and it spreads across group applications, individual applications, working capital loans set at one year, and term loans which are set at three years.
Objectives of the Scheme
The fund aims to:
- Access: For the purpose of national development, the fund intends to improve access to the youth’s finance and youth-owned enterprise.
- Employment: The fund aims to provide enough job opportunities needed to curb the restiveness of youths.
- Training: The capacity of youths will be boosted and their potential will also be developed to enable them to become future large corporate organizations.
To be eligible to apply for the loan, applicants are required to fulfill certain requirements.
For Individuals/Non-registered Businesses:
- Individuals must be within the age range of 18 and 35 years.
- The individual is expected to have a valid BVN and means of ID.
- The individual should be able to provide a Business Plan Summary or Completed Questionnaire.
- The individual is expected to possess certification of Entrepreneurship Training from FMYSD Entrepreneurship Development Institutes (EDIs).
- They are expected to be formal businesses (Youth owned enterprises) and they should be duly registered with the Corporate Affairs Commission (CAC).
- Are supposed to provide a business plan summary or Completed Questionnaire.
- They are also required to have Valid Bank Verification Number (BVNs) of Directors.
- They are required to make provision of Tax Identification Number (NIN).
- They are also supposed to get a certification from Entrepreneurship Training from FMYSD EDIs.
How it Works
To those interested who wants to know how the fund works, this is how:
- The first step is to get trained: Those who applied are required to participate in compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs.
- Application for loan: applicants who are successfully trained can proceed to apply for the loan via the NIRSAL Microfinance Bank (NMFB) portal.
- Candidates who are eligible can submit applications successfully on the NMFB portal.
- Loan approval: Loan assessment will be conducted by NMFB in line with Risk Assessment Criteria and programme guidelines and the appropriate decisions will be made. Afterward, NMFB will forward recommended applications to CBN for final approval.
- Disbursement: The applications will be reviewed by CBN and final approval will be given for disbursement to NMFB.
The following information will be needed from applicants:
- Geo-Political Zone
- State of Origin
- Educational Level
- How did you hear about NYIF?
- Residential Address
- Select Preferred Training Center
Those who are interested in applying should use this link to visit the application portal
The closure of the application portal is not yet specified.
For more information, visit the official page via this link