The Nigerian Youth Investment Fund (NYIF) processes applications to access loans of up to N3 million for young Nigerians.
The fund is 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.
The Nigerian Youth Investment Fund (NYIF) was set up as an initiative of the Federal Ministry of Youth and Sports Development and funded by the Central Bank of Nigeria (CBN) to invest in youth ideas.
The plan targets young people between the ages of 18 – 35 years and details the needed actions required to support business establishments, expansion and consequent employment creation for youths.
Eligibility for individuals include those within the age bracket of 18 to 35 years, having a valid Bank Verification Number or BVN, provision of business plan summary or completed questionnaire, and entrepreneurship training Certification from the Ministry of Youth and Sports Development Entrepreneurship Development Institutes.
For Businesses they must have been duly registered with the Corporate Affairs Commission (CAC), provide a Tax Identification Number and have and entrepreneurship training Certification from the Ministry of Youth and Sports Development Entrepreneurship Development Institutes (EDIs).
Eligible applicants have to submit an application in the Nirsal MicroFinance Bank (NMFB’s) portal, attend a compulsory entrepreneurship training with an approved Ministry of Youth and Sports Development Entrepreneurship Development Institute.
Successfully trained prospective applicants then proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.
NMFB conducts loan assessment in line with Risk Assessment Criteria and programme guideline, makes appropriate decision and forwards recommended applications to the Central Bank of Nigeria (CBN) for final approval.
Interest on the loans are capped at 5 percent per annum. For more details see link.
Nice thing in the world
I’m happy to be part of this,thank you
I’m happy to be part this