Link to Apply for Nigeria Youth Investment Fund Loan 2024
The Federal Executive Council in March 2024, approved the take-off of the restructured N-YIF with an initial seed-up capital of N110billion. The objective of the N-YIF is to improve access to finance for youths and youths-owned enterprises for national development; generate much-needed employment opportunities to curb youth restiveness; encourage out-of-school, marginalized, unemployed and underemployed youths to venture into sustainable, viable, income-generating projects or ventures; and promote active participation of youths in the socio-economic development of Nigeria through youth enterprise clusters across the country.
The initiative is targeted at young people ages 18 to 40. It outlines the actions required to support business establishment, expansion, and employment creation. The fund aims to financially empower Nigerian Youths to generate at least one million jobs in 2024.
Objectives of the NYIF
To reduce youth unemployment by fostering entrepreneurship.
To provide young entrepreneurs with access to affordable finance.
To support youth-led businesses in achieving sustainable growth.
To encourage innovation and creativity among the youth.
To create job opportunities and improve the standard of living.
HIGHLIGHTS OF THE 2024 NYIF PROGRAM
FUND SIZE: N110 Billion
DISBURSEMENT LIMITS: Loans: up to N50m; equity up to N100m.
TENOR: MAXIMUM OF 5 YEARS
INTEREST RATE: Up to 9%
MORATORIUM: UP TO 18 MONTHS
PROCESSING MONITORING AND EVALUATION: TO BE DONE BY PARTNER FINANCIAL INSTITUTIONS
DISBURSEMENT
STRATEGY: PRIMARILY THROUGH YOUTH ENTERPRISE CLUSTERS
Eligibility Criteria
To be eligible for the NYIF, applicants must meet the following criteria:
1. Be a Nigerian citizen aged between 18 and 40 years.
2. Have a business or business idea that aligns with the Fund’s objectives.
3. Possess a National Identification Number (NIN).
4. Demonstrate a willingness to contribute to the economic development of Nigeria.
5. Provide a viable business plan.
How to Apply
1. Register: Create an account on the NYIF portal.
2. Complete Application Form: Fill out the online application form with accurate personal and business details.
3. Upload Documents: Attach the required supporting documents.
4. Submit Application: Review your application and submit it online.
Required Documents
Applicants must upload the following documents:
- Copy of National Identification Card (NIN)
- Business Registration Certificate
- Business Plan/Proposal
- Proof of Business Ownership (if applicable)
Application Process
Step 1: Online Registration and Application
Step 2: Submission of Required Documents
Step 3: Application Review and Verification
Step 4: Funding Decision and Disbursement
HOW TO APPLY
To apply visit Nigeria Youth Investment Fund Portal below and fill the online application form:
NYIF 2024 Portal:
https://www.fmyd.gov.ng/youth-empowerment-program
Link to Apply for NYIF Loan 2024:
For Individual Application, Click Here
For Clusters Application, Click Here
Federal Ministry of Youths Development Website:
Frequently Asked Questions (FAQs)
Q: What is the maximum amount I can apply for?
A: The maximum funding amount will depend on the business needs and the evaluation of your business plan.
Q: How long does the application process take?
A: The application review process typically takes 4-6 weeks. However, this may vary depending on the volume of applications received.
Q: Can I apply if I don’t have a registered business?
A: Yes, you can apply if you have a viable business idea and meet the other eligibility criteria. However, you will need to register your business before the funds can be disbursed.
Q: Is there a fee to apply for the NYIF?
A: No, the application process is free of charge.