Nigeria Youth Investment Fund (NYIF) at 5% Interest Rate [Apply Here]

Nigeria youths can now access the Nigeria Youth Investment Fund (NYIF) at 5% interest rate per annum and 5years tenor through the Federal Ministry of Youths and Sports Development and disbursed through the Central Bank of Nigeria (CBN). Read here to know how to access the application form.

Nigeria Youth Investment Fund

The Federal Ministry of Youth and Sports Development, on Thursday, October 15, 2020, flagged off the application for the N75 billion Nigeria Youth Investment Fund (NYIF) recently approved by the Federal Government.

During the launch of the application, the Minister of Youth and Sports Development, Sunday Dare, said that the NYIF underscored the importance placed on youths by the current administration.

The Minister said that the fund, which is an initiative of the Federal Ministry of Youth and Sports Development and funded by the Central Bank of Nigeria (CBN), would be spread over 3 years to cater to youth-owned businesses and investment needs.

Eligible Applicants

Individuals/Non-registered Businesses

• 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

• Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)
• Business plan Summary or Completed Questionnaire
• Valid Bank Verification Number (BVNs) of Directors
• Provision of Tax Identification Number (TIN)
• Entrepreneurship Training Certification from FMYSD EDIs

How NYIF Works

STEP 1: Get Trained – Applicants to attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs.

STEP 2: Apply For Loan – Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.

STEP 3: Submit An Application – Eligible applicants submit applications successfully on NMFB’s portal.

STEP 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.

STEP 5: Disbursement – CBN reviews applications and gives final approval for disbursement to NMFB.