Application Procedure for the Nigeria Youth Investment Fund



This could be the opportunity you’ve been waiting for to excel. While fund is not a major requirement to start and run a successful business, unavailability of it is what is stopping lots of youths from taking the first step to confirm the genuineness of their idea and put to use on a more elaborate scale their skills.

This Nigeria federal Government initiative will be very beneficial to youths who have taken the bold steps to venture out in a micro way waiting for the availability of funds to scale up.

The Nigerian Youth Investment Fund (NYIF) is an initiative of the Federal Ministry of Youth and Sports Development (FMYSD) and funded by the Central Bank of Nigeria (CBN) as an opportunity to support Nigeria youth to build sustainable businesses that can contribute to economic development 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 initiative is targeted at young people between the ages of 18-35 years with the criteria below.

 

 

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

Programme Procedure

There are five steps to fulfill before qualifying for the fund after succeeding in the eligibility verification as shown below. Many people are finding it difficult to scale through this step even though they qualify by age. Details on how to scale through will be explain below under the Registration Challenges.

 

STEP 1: Get Trained

Applicants have to attend 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

Registration Process

Click here to start the application process

Once you supply the information as shown below, click next for verification, when approve, you will be taken to the next page to supply additional information then submit.

That is the step to shortlist your name for the next 5 steps as shown above

If you encounter error, read the information carefully. It may be that you are not qualify or your BVN/the information supply is not accurate as available on your BVN.

If that is the case, read below for solution to the registration challenges.

Registration Challenges

First, if you are above 35 years, don’t stress yourself because you can’t fake your age with the Bank Verification Number (BVN) as the tool to verify eligibility.

Another challenge you may encounter may be a discrepancy in the data available on your BVN which you can verify at Nigeria Inter-Bank settlement System with just N25 payment with your ATM cards.

 

 

Also if you are beneficiaries of the COVID-19 credit facilities, you may also be disqualifying except you’ve paid up.

It is unfortunate that many youth qualify to benefit from this initiative will not since they will not make attempt register or follow through the steps.

The Fund is Loan not Grants

The fund is not a grants but loan at 5% interest per annum at 5 years repayment period. It means you pay N25,000 (Twenty Five Hundred Thousand Naira) per annum (1 year) for using N500,000 (Five Hundred Thousand Naira).

You have the opportunity to access up to N3 million if you have a registered business

Click here for more details

Free Business Name Registration

To further encourage starting a viable business, Federal Government of Nigeria also has a scheme for free Business Name Registration

Click here for procedure

 

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