Nigeria Youth Investment Fund: Very Important things to know

"If you have registered through "https://nyif.nmfb.com.ng/Applicants/new" you have achieved one step which is, agreeing to make yourself available for a compulsory online training. This is not the loan application yet."

Join me on this train let's explore the Nigeria Youth Investment Fund.

The Nigeria 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 to invest in youth innovative ideas, skills and talents, transform them into Entrepreneurs and build sustainable businesses that can increase job opportunities in Nigeria, contributing to national development.

The Loan will be disbursed and monitored by the Nirsal Microfinance Bank at 5% interest rate per annum, maximum of 5 years duration with payment plan distributed efficiently across the years, and incredible 12 months maximum moratorium.  

Before we step down into the various processes which must be followed to access the loan, here are eligibily criteria and requirements according to Loan type.

General Eligibility 

 1. Applicant must be between the age of 18-35 years.

 2. Must be willing to undergo a compulsory 5 days online Training.

 3. Beneficiaries of NMFB loans (such as Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS) that remain unpaid are not eligible to apply.

 4.  Beneficiaries of other Government loan schemes that remain unpaid are not eligible to apply.

Specific Requirements:

There are two types of Loans. One for Registered Business Group or Sole/Individual Registered Business and another for Unregistered Busineses. 

(A) Requirements for FORMAL BUSINESS ENTERPRISES- Youth Owned Enterprises duly registered with Corporate Affairs Commission (CAC) -Loan amount is up to N5 million): 

1. In addition to General Eligibility,  Group owned Enterprise must possess Corperate Affairs Commision Certificate of Business Registration.

 2.  Must provide a Business plan Summary / Or Completed Questionnaire.

 3. Must provide evidence of Training Certificate from approved FMYSD EDIs 

 4. Must possess Valid Bank Verification Number (BVNs) of Directors

 5. Must possess and provide Tax Identification Number (TIN)

(B) Requirement for Sole/Individual Businesses Registered or Unregistered with CAC:

1. In addition to General Elibilty Criteria, applicant must be a Nigerian youth who has an operational business /enterprise domiciled in Nigeria. 

2.  Must provide a Business plan Summary / Or Completed Questionnaire.

 3. Must provide evidence of Training Certificate from approved FMYSD EDIs 

 4. Has not been convicted of any financial crime in the last 10 years. 

4. Possess Valid Bank Verification Number (BVN) 

5. Possess Evidence of Local Government Indigene Certificate

Note: Maximum Loan for Unregistered Busineses is N250,000 while Registered Sole/Individual Business can access up to N3million Loan.

Now that we have broken down the Eligibility criteria and Requirements, let's explore how to access the Loan.

As earlier stated, "If you have registered through "https://nyif.nmfb.com.ng/Applicants/new" you have achieved one step which is, agreeing to make yourself available for a compulsory online training. This is not the loan application yet."

There are Five(5) more steps to be taken in order to access the loan as will be explained below:

 1. Get Trained:

After registration in the portal https://nyif.nmfb.com.ng/Applicants/new, you are to keep checking your registered e-mail address to know when you are scheduled for the 5 days compulsory online Training with an approved Federal Ministry of Youth and Sports Development (FMYSD) Entrepreneurship Development Institute (EDI). 

After the Training, you will be issued a certificate of participation. Just keep checking your e-mail after the intial registration.

2. Apply for the Loan:

Successfully trained applicant will proceed to the Nirsal Microfinance Bank website to apply for the loan upon possession of the stated requirements and meeting the eligibility criteria.

3. Submit Application:

After filling the application form with the required data and document(s), just click submit.

4. Loan Approval:

 After submission of application, the Nirsal Microfinance Bank conducts Loan assessment in line with Risk Assessment Criteria and programme guideline, makes appropriate decision and forward the recommended application to CBN for approval.

5. Loan Disbursement:

The CBN reviews recommended application and gives the final disbursements approval to Nirsal Microfinance Bank and, gbagam! your alert drops.

Before we say bye-bye to this wonderful journey, here are key business sectors considered viable for loan access and approval as regards this Nigeria Youth Investment Fund.  

They are:

• Technology/ Innovation

• Agriculture and related value chain 

• Green Economy and Renewable energy sector 

• Manufacturing 

• Hospitality/ Tourism 

• Construction 

• Logistics and supply chain 

• Healthcare value chain 

• Creative sector 

• Trading and Services 

• Others as may be determined by FMYSD/CBN from time to time

Good luck to you all.

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