Nigeria Youth Investment Fund
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) to invest in youth ideas 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.
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.
Objectives of the Scheme
The NYIF aims to financially empower Nigerian’s youth to generate at least 500,000 jobs between 2020 and 2023.
Access
Improve access to finance for youth and youth-owned enterprises, for national development
Employment
Generate much-needed employment opportunities
Generate much-needed employment opportunities to curb youth restiveness.
Training
Boost the managerial capacity of the youth and develop their potential to become the future large corporate organizations.
Eligiblity for Nigerian Youth Investment Fund (NYIF)
Individuals / Non-registered Businesses – Up to N250,000
- Individual within the age bracket of 18 to 35 years
- Has a valid BVN and means of ID
- Provision of Business plan Summary or Completed Questionnaire
- Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs
Registered Businesses – Up to N3 Million
- Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)
- Valid Bank Verification Number (BVNs) of Directors
- Provision of Tax Identification Number (TIN)
- Entrepreneurship Training Certification from FMYSD EDIs
Steps in Nigerian Youth Investment Fund (NYIF) Application and Disbursment
STEP 1
Submit An Application
STEP 2
Get Trained
STEP 3
Apply For Loan
STEP 4
Approval
STEP 5
Disbursement
CBN reviews applications and gives final approval for disbursement to NMFB
How to Apply for Nigerian Youth Investment Fund (NYIF)
The application is online through the following website below;
https://nyif.nmfb.com.ng/ or https://nmfb.com.ng/nigeria-youth-investment-fund/
Frequent Questions and Answers
Interest rate under the intervention is 5% per annum (all inclusive).
Term loans have a maximum tenor of not more than 5 years.
Individual/Non-Registered Businesses: Can access a maximum of N250,000
Registered Businesses (Business name/Limited Liability/Cooperative Society/Commodities Associations) – Can access up to N3 Million
At least, one-year moratorium.
Individual / Non-registered Businesses: Can access up to ₦250,000.00
Registered Businesses (Business Name / Limited Liability / Cooperative Societies/ Commodities Associations): Can access up to ₦3,000,000.00
No, you cannot access this facility except previous CBN intervention loan(s) has been fully repaid.
No, but all assets purchased under the scheme must be registered with the National Collateral Registry (NCR). Also, the Global Standing Instruction (GSI) mandate will be activated to ensure full repayment by loan obligor.
A Nigerian Youth who falls within the age bracket of 18 -35 years
Visit the nearest approved Federal Ministry of Youth & Sport Development (FMYSD) Entrepreneurship Development Institute (EDIs) or https://www.youthandsport.gov.ng
No, the NIRSAL MFB approved Entrepreneurship Development Institute EDIs are not eligible to train any applicants under this scheme, except they are listed by the FMYSD.
Yes, a valid Bank Verification Number (BVN) is required.
Yes, the Business/Enterprises must be domiciled and operational in Nigeria.