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.
Table of contents
Objectives of the Scheme
Improve access to finance for youth and youth-owned enterprises, for national development.
Generate much-needed employment opportunities to curb youth restiveness.
Boost the managerial capacity of the youth and develop their potential to become the future large corporate organizations.
The NYIF aims to financially empower Nigeria’s youth to generate at least 500,000 jobs between 2020 and 2023.
Dedicated to investing in the innovative ideas, skills and talents of Nigerian youths aimed at turning them into entrepreneurs, wealth creators and employers of labour.
NYIF Loan Eligibility
There are two categories of people that are eligible for the Nigerian Youth Investment Fund (NYIF) loan application;
- Individuals/Non-registered Businesses
- Registered Businesses
Individuals / Non-registered Businesses
- Individuals 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)
- 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
The following are the required documents for the Nigerian Youth Investment Fund (NYIF) loan application;
- Training Certificate from approved FMYSD EDIs
- Evidence of registration with the Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A)
- Valid Bank Verification Number (BVN) for Individuals and Directors
- Evidence of Local Government Indigene Certificate
- Duly completed Application form
- A copy of your Birth Certificate
- Valid Tax Identification Number (TIN)
- A Summary Business plan / Questionnaire
- Valid means of Identification (Voter’s Card, Drivers license,
- National ID/NIN Slip & International passport)
- Automated two years bank statement analysis
Eligible Activities & Businesses
The following are the categories of businesses eligible for the Nigerian Youth Investment Fund (NYIF) loan;
- Technology/ Innovation
- Agriculture and related value chain
- Green Economy and Renewable energy sector
- Hospitality/ Tourism
- Logistics and supply chain
- Healthcare value chain
- Creative sector
How to Apply for NYIF Loan
The following are procedures on how to apply for the Nigerian Youth Investment Fund (NYIF) loan;
Time needed: 1 minute
Application procedures for NYIF loan
- Get Trained
Applicants to attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs
- Apply for Loan
Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan
- Submit an Application
Eligible applicants submit applications successfully on NMFB’s portal.
- Get Approval
NMFB conducts loan assessment in line with Risk Assessment Criteria and programme guidelines, makes the appropriate decision and forward recommended applications to CBN for final approval.
CBN reviews applications and gives final approval for disbursement to NMFB
- Execution of letter set–off (required to activate the Global Standing Instruction [GSI])
- Execution of Offer Letter
- Execution of letter of domiciliation of sales proceeds where applicable
- Registration of immovable and movable assets on the National collateral registry (NCR) where applicable
Repayment would be on an instalment basis in line with businesses and NMFB credit evaluation.
Terms and Conditions
- Acquired immovable and movable collateral options shall be registered under the National Collateral Registry (NCR)
- Execution of Offer Letter
- Execution of GSI Mandate
- Forfeiture Undertaking and Power of Attorney agreement to be signed by the customer, giving NMFB rights to take over pledged assets in the instance of loan default.
- The loan amount must match loan repayment and loan purpose.
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