The Nigeria Youth Investment Fund was initiated by Muhammadu Buhari’s administration to provide employment and curb penury.
Eligible applicants will be given a start-up fund to invest in their businesses and existing businesses will get funds to expand.
The application is still ongoing, kindly go to the official website to apply via https://nmfb.com.ng/nigeria-youth-investment-fund/
In this article, you’re going to see answers to the frequently asked questions so you’ll understand the processes and how and why you should apply.
The NYIF aims to financially empower Nigeria’s youth to generate at least 500,000 jobs between 2020 and 2023.
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REGISTRATION ELIGIBILITY
- 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 Entrepreneurs
- Registered Businesses
- 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
- What is the interest rate?
- The interest rate under the intervention is 5% per annum (all-inclusive).
WHAT IS THE DURATION OF THE LOAN?
- Term loans have a maximum tenor of not more than 5 years.
- How much can I access?
- Households: Can access a maximum of N3 million
- Loan amount to SMEs shall be determined based on the activity, cash flow, and industry/segment size of the beneficiary, subject to a maximum of N25 million.
- Working capital shall be a maximum of 25% of the average of the previous 3 years’ annual turnover. (where the enterprise is not up to 3 years in operation, 25% of the previous year’s turnover will suffice).
THE MORATORIUM PERIOD
At least, one-year moratorium.
The Nigeria youth investment fund was initiated by the Buhari administration to help provide employment and curb penury.
Eligible applicants will be given a start-up fund to invest in their businesses and existing businesses will get funds to expand.
The application is still ongoing; kindly go to the official website to apply via https://nmfb.com.ng/nigeria-youth-investment-fund/
The NYIF aims to financially empower Nigeria’s youth to generate at least 500,000 jobs between 2020 and 2023.
WHO IS ELIGIBLE?
- 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 Entrepreneurs
- Registered Businesses
- 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
WHAT IS THE INTEREST RATE?
The interest rate under the intervention is 5% per annum (all-inclusive).
WHAT IS THE DURATION OF THE LOAN
- Term loans have a maximum tenor of not more than 5 years.
- How much can I access?
- Households: Can access a maximum of N3 million
- Loan amount to SMEs shall be determined based on the activity, cash flow, and industry/segment size of the beneficiary, subject to a maximum of N25 million.
- Working capital shall be a maximum of 25% of the average of the previous 3 years’ annual turnover. (where the enterprise is not up to 3 years in operation, 25% of the previous year’s turnover will suffice).
WHAT IS THE MORATORIUM?
At least, one-year moratorium.
HOW MUCH CAN I ACCESS?
- Individual / Non-registered Businesses: Can access up to ₦250,000.00
- Registered Businesses (Business Name / Limited Liability / Cooperative Societies/ Commodities Associations): Can access up to ₦3,000,000.00
- Can someone currently enjoying any CBN intervention fund access this loan?
- No, you cannot access this facility except previous CBN intervention loan(s) has been fully repaid.
DO I NEED A COLLATERAL TO ACCESS THIS LOAN?
- No, but all assets purchased under the scheme must be registered with the National Collateral Registry (NCR. Also, the Global Standing Instruction (GSI) mandate will be activated to ensure full repayment by the loan obligor.
- A Nigerian Youth who falls within the age bracket of 18 -35 years
- Individual / Non-registered Businesses: Can access up to ₦250,000.00
- Registered Businesses (Business Name / Limited Liability / Cooperative Societies/ Commodities Associations): Can access up to ₦3,000,000.00
WHERE CAN I GET TRAINED?
Visit the nearest approved Federal Ministry of Youth & Sports Development (FMYSD) Entrepreneurship Development Institute (EDIs) or www.youthandsport.gov.ng
CAN ANY NIRSAL MFB APPROVED EDIS TRAIN APPLICANTS FOR THIS PROGRAMME?
No, the NIRSAL approved Entrepreneurship Development Institute EDIs are not eligible to train any applicants under this scheme, except they are listed by the FMYSD.
- Do I need a Bank Verification Number BVN to apply?
- Yes, a valid Bank Verification Number (BVN) is required.
- What valid means of identification do I need?
- Any valid means of identification such as a Driver’s license, National ID & International passport.
DOES MY BUSINESS OR ENTERPRISE NEED TO BE DOMICILED IN NIGERIA?
Yes, the Business/Enterprises must be domiciled and operational in Nigeria.
Those who haven’t applied can still go to the official portal to apply via https://nmfb.com.ng/nigeria-youth-investment-fund/
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