Nigeria youth investment fund (NYIF) is an initiative of the federal ministry of youth. Application is now open for youth-owned business.
The federal government launches the project on the 13th of October 2020. And the aim of the investment fund is to provide loans to youth in Nigeria.
It is obvious that unemployment is one of the major problems in the lives of Nigerian youth. As a result, the Nigeria youth investment fund was recently approved to support youth-owned businesses.
The Nigeria youth investment fund was N75 billion and it was funded by central bank of Nigeria (CBN). The funds will definitely play a big role in the country as it will help the youths have access to fund.
If you don’t know how to apply or want to know those that are eligible, you’re at the right page. Continue reading to know how to apply, requirements and what you should know about the Nigeria youth investment fund.
Nigeria Youth Investment Fund Eligibility
Individuals or business owners must be eligible before they can apply for the fund. Youths applying must be within the age of 18 – 35 years. Also, they must have an existing business in Nigeria.
In addition, it’s important to know that anyone that wants to apply must not be found guilty of any crime in the last 10 years.
For business owners, their business must be duly registered with Corporate Affairs Commission (CAC). Also, they must have a training certificate from approved FMYSD entrepreneurship development institute.
What Are the Requirements?
Here is the things you need to get the loan below.
- State of origin certificate
- Evidence of business registration
- Application form
- Tax ID number
- Valid ID card (voter’s card, national ID and driver’s license)
- Analysis of bank statement
What You Should Know About the Nigerian Youth Investment Fund
While almost every youth can apply for the loan, those that have not paid their previous loans can’t apply. If you’re a beneficiary of any government loan, you’ll have to repay the loan before you can apply.
In addition, anyone interested to apply for the Nigeria youth investment fund must attend the entrepreneurship training with an approved Federal Ministry of Youth and Sports Development (FMYSD) EDIs.
Individual or non registered businesses can get up to N250, 000 while registered businesses can get up to N3 million. The loan tenor is 5 years and will attract 5% interest per annum with a moratorium of 12 months.
To apply for the fund, follow the guide below.
- Firstly, visit the NYIF Registration Page here.
- Click on “apply here” and input all the required details which include your name and BVN.
- After that, click on “next” to continue.
- The next thing you need to do is input your residential information. You’ll have to input your address, state and the local government where you reside and click on “next”.
- Input your level of education and your political zone. You’ll have to select your LGA and state of origin. After that, click on “next” to proceed. You should know that the state of origin you’ll input here might be different from where you reside.
- Select training center. You’ll have to select where you want to undergo the training. Also, you need to select how you heard about the youth investment fund.
- Once you’re through with all the steps, you can then submit your application.
The initiative will run for 3 years. And the government will release N25 billion per year for each of the years.
The Nigeria youth investment fund will definitely helps the youth in Nigeria to contribute to national development. In addition, it will create job opportunities as it will help the youths in Nigeria have access to funds.
Application is still available on the nigeria youth investment fund portal. So if you want to apply, you can do so now.
If you need to ask a question, make use of the comment box below.