Nigeria Youth Investment Fund under Nigeria Youth Employment Plan. Generally, the Federal Ministry of Youth and Sports Development establish the Nigeria Youth Employment Plan as a built-in strategy to tackle Youth employment challenges in Nigeria. In addition, its key objective is to provide investment inputs for Nigeria Youth that will go a long way to assist them in building a successful business. Therefore, this business is capable of being an employer of labor and contributes to the development of Nigeria.
The sum of seventy-five billion nairas (N75000000000) is approved for the Nigeria Youth Investment Fund for the period of three (3) years that is 2020 – 2023. Therefore, NIRSAL Microfinance Bank (NMFB) is the approved financial institution for the Scheme.
Generally, applicants who are not eligible are Applicants currently enjoying NMFB loans, including the Targeted Credit Facility (TCF) and Agribusiness or Small and Medium Enterprises Investment Scheme (AgSMEIS) loans that remain unpaid are NOT eligible to apply. In addition, applicants who have benefited from other government loan schemes and refuse to pay are also not eligible to participate.
However, successful Applicants shall undergo compulsory entrepreneurship training organized by the Federal Ministry of Youth and Sports Development.
The main reason for the Nigeria Youth Investment Fund
- Youth and Youth owned business will have access to finance, in other words; this will improve national development
- Create various employment opportunities for youth thus ending youth restiveness.
- Improve Nigeria youth managerial capabilities and develop their business to become the future large corporate organizations.
Type of Business eligible for the Nigeria Youth Investment Fund
- Technology or Innovation
- Agriculture and related value chain
- Green Economy & Renewable energy sector
- Hospitality or Tourism
- Logistics and supply chain
- Health-care value chain
- Creative sector
- Trading and Services.
Individuals and Sole Proprietors Eligibility Criteria
- Be a youth within the age bracket eighteen to thirty-five years (18-35 years).
- Have business or enterprises operating in Nigeria.
- Has not committed any financial crime in the last ten (10) years or non-convict.
- Has a valid Bank Verification Number (BVN)
- Possess Local Government Indigene Certificate
Youth Owned Enterprises Eligibility Criteria
- Certificate of CAC
- Business questionnaire
- Bank Verification Numbers of directors
Loan Terms and Conditions
- Individuals may get a loan of up to two hundred and fifty thousand nairas (N250,000).
- In addition, Registered Businesses can get a loan of up to three (N3.0) million naira (including working capital).
- The tenor of the loan is a maximum of five (5) years depending on the nature of the business and the assets acquired.
- However, a moratorium of up to one (1) year may be allowed depending on the nature of the business and the assets acquired.
- The interest rate is 5% per year maximum.
- In conclusion, an installment repayment plan is provided and agreed upon at the application processing stage.
How to apply for the Nigeria Youth Investment Fund
- Open the portal link https://nyif.nmfb.com.ng/Applicants/New?on your web browser
- After that, input your details
- Commerce the registration process and submit your application.
- Validate BVN at https://nyif.nmfb.com.ng/app
- Login to dashboard via https://nyif.nmfb.com.ng/ApplicantDashboard/Business/Login