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.
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.
- Beneficiaries must be a youth within the age of 18 - 35 years
- They must have a business or enterprises domiciled and operational in Nigeria.
- They must not have been convicted of any crime in the last 10 years.
- They must have a valid BVN or Bank verification Number.
- 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.
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
- Evidence of registration with the Corporate Affairs Commission (CAC).
- A business Questionnaire
- List of directors of the business with their BVN numbers.
- Evidence of regulatory approvals (where applicable)
- 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:
- 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.
- 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
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
- National Youth Development Center (North-Central)
- National Youth Development Center (North-West)
- National Youth Development Center (North-East)
- National Youth Development Center (South-East)
- National Youth Development Center (South-South)
- National Youth Development Center (South-West)
- 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
- NMFB Staff
- 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.
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.