Nigerian Youth Investment Fund (NYIF) is a government initiative created to boost the Nigerian economy through leverage and access to finance for youths.
The fund hopes to serve as a catalyst to unleash the potential of the youth and enable many of them build businesses that will increase the employment rate.
The Nigerian Youth Investment Fund aims to reach 500,000 youth annually between 2020 and 2023. 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 single digit interest rate of 5%.
Disbursement will be through various channels, which will include micro finance, finance firms and deposit money banks regulated by the Central Bank of Nigeria and supported by Bank of Industry.
PROS OF THE Nigerian Youth Investment Fund (NYIF)
- Low interest rate
- Collateral free
CONS OF THE Nigerian Youth Investment Fund (NYIF)
- Numerous documentation required
- Existing viable business required
- Official Government Identification
- Applicant must be between the ages of 18 and 35 years old
- Notarized Guarantor Forms
- Passport photographs
- Bank Verification Number
- Training Certificate
- Fundable business idea
- Registered business
- Nigeria Citizenship
- NYSC certificate for graduates
Youths applying as individuals or sole proprietors must be within the ages of 18 to 35 years and have operational businesses in Nigeria.
To qualify, they must have not been convicted of any financial crime in the last 10 years as well as possess a local government of origin certificate.
For youth-owned enterprises, they must be duly registered with the Corporate Affairs Commission and provide a business plan. They must have a Tax Identification Number (TIN) and a training certificate from approved FMYSD Entrepreneurship Development Institutes (EDIs).
All applicants must possess valid Bank Verification Numbers to be eligible.
How to Apply for the Nigeria Youth Investment Fund (NYIF)
Here are five (5) easy steps to apply for the Nigeria Youth Investment Fund (NYIF):
1. Apply through the NYIF Portal
To begin your application, log on to nyif.nmfb.com.ng on your mobile phone or computer. Click “Apply Here” to proceed.
2. Fill in your Personal Details
Enter your first, middle and last names. Your last name is your surname. Fill in your 11-digit BVN correctly. Click “Next” to continue.
3. Input Your Residential Information
If your BVN has been successfully verified, your date of birth will automatically load at this stage. Enter your phone number, email address and select your gender.
Fill in your residential address, state and local government area. These are the house address, state and local government area where you live. Check again to ensure there are no errors. Click “Next” to continue.
4. Select Zone and Educational Level
At this stage, enter your geo-political zone – North West, North East, North Central, South West, South East or South South.
Select your state of origin and local government area of origin. These are different from your state and local government area of residence except you live in your state of origin.
Choose your highest educational level then click “Next” to proceed to final stage.
5. Select Training Centre and Submit
Here is the final stage of your application. Simply choose a preferred training centre and how you heard about the NYIF.
The 5-day training is free and will be held online. Tick the declaration box and click “Submit” to finish.