Nigerian Youth Investment Fund Loan Application 2020 | nyif.nmfb.com.ng

NYIF N75 Billion Loan Application

Nigerian Youth Investment Fund Loan Application 2020 | https://nyif.nmfb.com.ng/: The Nigerian Youth Investment Fund (NYIF) is an Initiative of the Federal Ministry of Youth and Sports Development Funded by the Central Bank of Nigeria. With the Nigeria Youth Investment Fund, you Access up to N3 Million Credit Facility Dedicated to investing in the innovative ideas, skills & talents of Nigerian youths aimed at turning them into entrepreneurs, wealth creators and employers of labour

If you want to apply or take part in this opportunity, or you are searching for the official application portal for the Nigerian Youth Investment Fund (NYIF) then you should stay on this page and read further important information on how you can apply, the step by step application procedures and many more.

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 NYIF.

Below are the objectives of the Nigerian Youth Investment Fund (NYIF Loan).

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.

Nigerian Youth Investment Fund Eligibility.

Read carefully below the requirements every interested applicant of the NYIF  must possess in order to be part of the N75 billion Loan beneficiaries.

Individuals / Non-registered Businesses

  • Individual within the age bracket of 18 to 35 years
  • Has a valid Bank Verification Number (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 to Apply for Nigerian Youth Investment Fund Loan.

The Application for the NYIF Loan will carried out on the NIRSAL Microfinance Bank (NMFB) Portal. Here are the complete steps and procedure every interested and qualified applicant must follow to successfully register for the NYIF Loan Application of upto 3 million naira per person.

Follow the below steps for a successful application on the NIRSAL Microfinance Bank (NMFB).

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 via https://nyif.nmfb.com.ng/

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.

NOTE: 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

If you still need help or more information regarding the NYIF Loan Application, kindly leave us a comment below and we will answer your questions. Also if you want latest updates and news on the Nigerian Youth Investment Fund, drop a comment with your email.

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