Nigerian Youth Investment Fund (NYIF)

Filed in Loans & Grants by Careersngr Staff on June 13, 2022

The Nigerian Youth Investment Fund (NYIF) was set up as an initiative of the Federal Ministry of Youth and Sports Development (FMYSD) and funded by the Central Bank of Nigeria (CBN) to invest in youth ideas to build sustainable businesses that can activate enterprise and increase job opportunities in Nigeria. The fund is dedicated to investing in the innovative ideas, skills & talents of Nigerian youths aimed at turning them into entrepreneurs, wealth creators and employers of labour, contributing to national development.

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The plan targets young people between the ages of 18-35 years and details the needed actions required to support business establishment, expansion and consequent employment creation for youth in critical economic and social sectors.

Contents

Objectives of the Scheme

Access

Improve access to finance for youth and youth-owned enterprises, for national development

Employment

Generate much-needed employment opportunities to curb youth restiveness.

Training

Boost the managerial capacity of the youth and develop their potential to become the future large corporate organizations.

NOTE: 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

Individual 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 Entrepreneurship Development Institutes (EDIs)

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

How it works

Step 1

Get Trained

Applicants to attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs

Step 2

Apply for Loan

Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.

Step 3

Submit an Application

Eligible applicants submit applications successfully on NMFB’s portal.

Step 4

Approval

NMFB conducts loan assessment in line with Risk Assessment Criteria and programme guideline, make appropriate decision and forward recommended applications to CBN for final approval