What to Know About Nigerian Youth Investment Fund

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Description

Nigerian Youth Investment Fund

Nigerian Youth Investment Fund NYIF is a authorities initiative created to improve the Nigerian financial system thru leverage and get admission to 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 organizations that will extend the employment rate.

The NYIF ambitions to reach 500,000 adolescence annually between 2020 and 2023. Each fund approval will range from N250, zero to N50, 000,000, with a unfold across group applications, man or woman applications, working capital loans set at 1 12 months and term loans set at 3 years with single digit interest price of 5%.

Disbursement will be via various channels, which will encompass micro finance, finance firms and savings money banks regulated by way of the Central Bank of Nigeria and supported with the aid of Bank of Industry.

Start or grow your personal business with the help of a government-backed loan and free commercial enterprise support. A fantastic choice for humans looking for business loans to fund their business.

PROS

Low activity rate

Collateral free

CONS

Numerous documentation required

Existing possible enterprise required

Youth Owned Businesses-FORMAL BUSINESS ENTERPRISES

Formal business businesses (youth-owned enterprises) properly registered with the Corporate Affairs Commission (CAC)

Business plan requirement Overview / Or Completed Questionnaire

Evidence of Certificate of Training from authorised FMYSD EDIs

Valid Directors ‘Bank Verification Number (BVNs) + Tax Identification Number Requirements (TIN)

ELIGIBLE ACTIVITIES/COMPANIES

Innovation/ Technology

Farming and the associated value chain

Sector of green economy and clean energy

Fabrication

Tourism/ Hospitality

Construction Industry

Supply chain logistics and

Value chain for healthcare

Creative SSESECT

Criteria for Eligibility and Selection

The Nigerian Youth Investment Fund candidates will be chosen on the basis of the following eligibility criteria;

Company Companies INFORMAL (INDIVIDUAL & SOLE PRORIETORS)

A Nigerian youth between the ages of 18 and 35 must be

Have an operating enterprise based in Nigeria (Note: Those with unregistered business can also apply)

For the past 10 years, no financial fraud has been convicted.

Valid Number of Bank Verification (BVN)

Indigenous Certificate of Local Government Facts.

The application for the Youth Investment Fund of the Federal Government of Nigeria is made online by filling in the nyif application form on the website nyif.nmfb.com.ng of the Nigeria Youth Investment Fund based on information given at noya.ng. The following measures will be included in program participation;

Phase 1: Get trained

Applicants for mandatory training in entrepreneurship with the approved EDIs of the Federal Ministry of Youth & Sports Development (FMYSD)

Move 2: Request a loan

Successfully qualified prospective applicants continue to apply for the loan through the NIRSAL Microfinance Bank (NMFB) portal.

Phase 3: Submission of an Application. Eligible applicants successfully submit applications on NMFB’s platform.

Phase 4: Acceptance

In compliance with the Risk Assessment Requirements and Program Guidelines, the NMFB performs loan reviews, makes necessary decisions and transmits recommended applications to the CBN for final approval.

Phase 5: Disbursement Step 5:

CBN reviews requests and gives NMFBB final approval for disbursement.

Note: Application forms should be made available on the websites of the Nigeria Youth Investment Fund, nyif.nmfb.com.ng and noya.ngg.ng.ng (informational).

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