Nigeria Youth Investment Fund (Access up to N3 million Credit Facility)

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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.

The NYIF aims to financially empower Nigerian Youths to generate at least 500,000 jobs between 2020 and 2023

 

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Objectives of the Scheme

Access: Improve access to finance for youth and youth-owned enterprises, for national development

Employment: 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.

Who Is Eligible?

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

 

How It Works

 

STEP 1

Submit An Application

Eligible applicants submit applications successfully on NMFB’s portal.

STEP 2

Get Trained

Applicants to attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs

STEP 3

Apply For Loan

Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.

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

Application

To apply, Click here


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