How To Apply For NYIF Loan | Requirements, And Eligibility

The Federal Government through the Ministry of Youth and Sports Development have launched the Nigeria Youth Investment Fund (NYIF).


This article contains everything you need to know about the Federal Government 75 billion Naira Nigeria Youth Investment Fund. What it is, how you can apply for it, eligibility Requirements, and how much you can access from this fund.


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The Nigeria Youth Investment Fund will sometimes be referred to as the NYIF throughout this article, so bear that in mind as you read along.


So What Is The Nigeria Youth Investment Fund (NYIF)

It is a Federal Government initiative that is aimed at providing financial support to Nigerian Youths owned businesses. So basically, it is a loan, for Nigerian youths looking to start up a business, or for those who already own a business but need financial support to expand it.

The action plan for the scheme was developed by the Federal Ministry of Youth and Sports development or the FMYSD. The idea is to set up a youth bank where Nigerian youths can access funds when they need to fund or expand their business.

A total of 75 billion naira was approved by the Federal executive council, this amount will be provided by the Central Bank of Nigeria for the scheme.

The Nigeria Youth Investment Fund will provide loans for up to 500,000 Nigerian Youths annually, for three years. From 2020 - 2023. So the program will run from now until 2023 and for each year, a maximum of 25 billion naira will be released for the running of the program.



Who Is Eligible To Benefit From This Program?

Both youths owned businesses in the formal and informal enterprise can access the fund. The CBN listed some requirements that Nigerians must meet to access the 75 billion naira youth investment fund and they include.


  1. Beneficiaries must be a youth within the age of 18 - 35 years
  2. They must have a business or enterprises domiciled and operational in Nigeria.
  3. They must not have been convicted of any crime in the last 10 years.
  4. They must have a valid BVN or Bank verification Number.
  5. They must also Have a Local Government indigene certificate.


These requirements are for those in the informal sector whose businesses are not registered. Now if you are in the formal sector then the requirements are slightly different.

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For the formal business enterprises that are already operating legally in the country, and duly registered with the CAC, the following documents are required to be eligible to access the loan. They include

  1. Evidence of registration with the Corporate Affairs Commission (CAC).
  2. A business Questionnaire
  3. List of directors of the business with their BVN numbers.
  4. Evidence of regulatory approvals (where applicable)
  5. Tax identification number (TIN)

Those Ineligible For NYIF

As you already know by now, not everyone is eligible to access this fund. And even if you meet all those requirements, there are some groups of people that the government says are not eligible to access the fund. They include:

  1. Those already enjoying the NMFB loan (Nirsal Microfinance Bank Loan, the Targeted Credit Facility (TCF), and Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS) loans that remain unpaid are not eligible to apply.
  2. Those that have applied for other Government loan schemes that remain unpaid are also not eligible to participate.


How Much Can You Access

Registered businesses can get a loan of up to 3m naira, while unregistered businesses can access a maximum loan of 250 thousand naira.


How To Apply For Nigeria Youth Investment Fund - NYIF


Visit the NYIF portal

The website for the NYIF registration is https://nyif.nmfb.com.ng 
After accessing the website, click on "Apply"

Enter your details like your name, phone number, and BVN

Your BVN will be used to compare with some of the information you provided during registration including your age. So ensure you provide accurate information when signing up.

The portal will use the date of birth on your BVN to determine if you are within the age bracket that is eligible for the loan.

Also, ensure that you enter your name in the same order as it appears on your BVN otherwise you will get an error.

Choose A Training Center.

Although the training will be done online, you will have to choose a training center depending on your region. The available training centers for the NYIF are

  1. National Youth Development Center (North-Central)
  2. National Youth Development Center (North-West)
  3. National Youth Development Center (North-East)
  4. National Youth Development Center (South-East)
  5. National Youth Development Center (South-South)
  6. National Youth Development Center (South-West)
  7. Federal Ministry of Youth Sports and Development


Enter How You Heard About NYIF

you will then be asked how you heard about the scheme. There are several options which you can select. they include

  • Facebook
  • CBN
  • NMFB Staff
  • Facebook
  • Linkedin
  • SMS
  • Google Ads


Accept The NYIF Terms Of Service

In this step, you will have to confirm that you have provided true and correct information by checking a box.


Submit Your Application.

After you have successfully filled the form, simply click on submit.

You will then get a reply informing you that your application has been accepted. Although you will not get any mail or text message confirming your application, there is no need to be worried about this as it is perfectly normal.

Is The Nigeria Youth Investment Fund (NYIF) Real?

Yes, the Nigeria youth investment fund is real. A total of 75 billion naira has already been approved by the Federal Executive Council. This amount will be provided by the CBN.

Investigation conducted by SME Arena also revealed that some applicants have already had their loan approved. Although cash disbursement has not yet started.

Nigeria Youth Investment Fund Loan Approval


How Do I Get Trained?

Getting trained is one of the steps for loan approval, training is done in batches and it seems you are invited on a first come first serve basis.

On November 1st, 2020, President Muhammadu Buhari disclosed through his Twitter handle that over a million Nigerians had already applied for the loan.

All of these individuals will need to be trained and upon successful training, given a certificate. All these can take time. So if your application was successful and you have not been invited for training yet, I suggest that you have some patience and keep an eye on your email. The program is supposed to run until 2023 so there is still plenty of time for you to be trained.

Do I Need A Business Plan?

There have been rumors making the round online that a business plan is a requirement for the N-YIF. But after speaking with those whose loan has already been approved. They said that they were never asked to provide a business plan as a requirement for loan approval. They said they were instead asked to fill a questionnaire with details about their business including how much loan they are requesting.

If you have any questions about this program, you can ask them in the comments below and we will be more than happy to help you.

30 Comments

  1. I have an intention to access loan worth 3.5 million to start my new business of fish farm but am not yet registered by cooperate affairs commission ? How will I do.

    ReplyDelete
    Replies
    1. The maximum amount you can access is 3 million naira as a Registered business.

      If your business is unregistered then you can only access a maximum of 250 thousand naira.

      Delete
  2. I have an intention to access loan worth 3.5 million to start my new business of fish farm but am not yet registered by cooperate affairs commission ? How will I do.

    ReplyDelete
    Replies
    1. I have register -days ago but when i apply the loan they would said that i did not trained

      Delete
  3. How would i trained nd how would i apply the loan pls

    ReplyDelete
    Replies
    1. You can apply for the loan on the NYIF website https://nyif.nmfb.com.ng

      Applicants are trained in batches, these are usually done online. You will get a mail or text message, inviting you for a training when it gets to your batch.

      Just keep an eye on your email, especially your spam folder.

      Delete
  4. Hi
    I made a mistake in the e-mail address I filled in. Ho do I correct this?

    ReplyDelete
    Replies
    1. Contact NYIF at nyif@youthandsport.gov.ng for assistance

      Delete
  5. Thanks Mr President for helping Nigerian youth may God help you to fulfill your intentions you about the youth of the country

    ReplyDelete
  6. I received the SMS but after I tried to create a password it kept showing that timed out. I don't know what to do

    ReplyDelete
    Replies
    1. I received same message today but haven't created a password

      Delete
    2. It happened to me.

      So continue trying it will surely accept it.
      Don't be panic, okay?

      I succeeded mind at night, around 2am when every was calm.

      Delete
  7. I was pre qualified to access Nirsal loan, but I didn't get confirmation after I was requested to validate my BVN and create account.
    Please kindly help

    ReplyDelete
    Replies
    1. It happened to me too, they said I should get at my mail which I did , and also went to my spam folder I didn't get a confirmation

      Delete
  8. I was I was pre qualified to access Nirsal loan, I validate my bvn create account but I didn't receive any confirmation which they it has been sent to my email for verification.pls help

    ReplyDelete
  9. was pre qualified to access Nirsal loan, but I didn't get confirmation after I was requested to validate my BVN and create account.didn't receive any confirmation which they it has been sent to my email for verification.pls help

    ReplyDelete
  10. why is it asking for password

    ReplyDelete
  11. Pls admin, will newly registered business name be accepted?

    I've been operating my business without a proper registration with CAC, so if I register it now will it still be accepted 'cause I've received a message from NMFB-NYIF for BVN verification and I've just been validated?

    Thanks!

    Pls here is my mail -Johnsonjay599@gmail.com

    ReplyDelete
    Replies
    1. Yes, newly registered business with the CAC will be accepted

      Delete
  12. My password has been confirmed that I should enter a link in my email but I didn't see any link after checking my email

    ReplyDelete
  13. Pls sir I really need your help honestly my case is critical firstly, I apply for covid-19 loan earlier march 2020 as Odeh Happiness Nkechi later September I changed my surname to my husband surname which reflected as Uzoigwe Happiness Nkechi both on my BVN,NIN and on my account name,few months later I receive a message from NMFB that my covid-19 loan have been approved that I should follow the link and enter my necessary details. And when I did I discover that it was Odeh Happiness Nkechi that was the borrower and my account name and my bvn name now bears Uzoigwe nothing was done about it.
    I now apply this NYIF loan again late December 2020 now I discover that if you have apply any government loan before whether paid or unpaid are not eligible. pls sir I need ur help to any one of the loan sir thanks.

    ReplyDelete
  14. Please I keep getting error messages when i try to upload my indigene certificate on my dashboard, what can i do please? thanks in advance.

    ReplyDelete
  15. Pls sir help i have validated my bvn, and created my password because i was prequalified to register for the loan programne, but there is no link in my mail to verify my mail

    ReplyDelete
  16. Can I apply as registered business with my Smedan number?

    ReplyDelete
  17. hi pls how can i change my email due to the typing errors during my registreation

    ReplyDelete
  18. Please I go an sms that I have been prequalified for the NYIF loan, but the link keeps saying service not available. Please any similar case?

    ReplyDelete
  19. I also get a similar case Mr Frank. All it says is service unavailable.

    ReplyDelete
  20. Please sir, i have watched all my vedios training but i have forgot to sign in the attendance register. How should I do sir?

    ReplyDelete
  21. To all those service not available or any other error message after you have gotten your pre qualification message, don't panic, try mostly at midnight or early hours of the morning. If you have validated your bvn and there's no link sent to your email?

    This what I did, I click on the login button as if I want to login, then click on where it's written "not yet received token" I was redirected to another page to put my email address I used in registrating, I entered and click send, (I did it around 1am) after a day I was sent the mail with link and I verify my mail and successfully log into my dashboard and completed my loan request.

    So you can try same

    ReplyDelete
  22. Pls what if someone business plan is not very comprehensive. Would that affect the possibility of getting the loan? thanks

    ReplyDelete

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