NYIF –an empowerment scheme funded by the Central Bank of Nigeria (CBN) –is intended to equip Nigerian youth-owned businesses and young Nigerians with substantial investment loans.
Fully pronounced as Nigeria Youth Investment Fund, NYIF is a brainchild of the Federal Ministry of Youth and Sports Development (FMYSD) and it is simply understood as a #75 billion naira empowerment project for youth entrepreneurship.
NYIF is accessible to youth-owned CAC-registered businesses and individuals or non-registered businesses. Notably, the accessible investment loan carries a 5% yearly interest and runs for a 5-year period. While youth-owned registered businesses can each obtain as much as #3 million, individual or non-registered businesses are each allowed the maximum loan amount of #250,000.
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Eligibility Requirements for NYIF
- Applicants (applying as sole proprietors or individuals) must possess active businesses located in Nigeria
- NYIF stipulates the age requirement of 18-35 years for applicants
- Applicants’ past 10-year record of financial activities must not involve any criminal conviction
- Every applicant is mandated to present an authentic Bank Verification Number (BVN)
- Applicants with youth-owned enterprises are mandated to present their business plans as well as evidence of business registration with the Corporate Affairs Commission. Additionally, such applicants are required to present the following:
- Training certificates duly obtained from any recognized FMYSD Entrepreneurship Development Institute
- Tax Identification Number (TIN)
How to Apply for NYIF
For a successful NYIF application, you should comply with the instructions below:
- Click the link here to visit the NYIF official portal on your mobile phone
- After landing on the homepage of the portal, tap the Apply Here button to begin your application –Note that the NYIF application form contains 5 sections all of which you must fill entirely to complete your application
- Subsequently, supply your personal information in the appropriate fields. Such personal information should include your full name: first name, middle name and last/surname name
- Input your Bank Verification Number in the required field and then, tap the Next button
- Following the verification of your BVN, you’ll have to fill in more personal details including your gender, email address and mobile number
- With the above correctly done, you’ll then have to input your residential details –your residential address as well as your state of residence and Local Government Area (LGA)
- Tap the Next button to proceed to the next section (or fourth section) of the application form
- Now, you should specify your geo-political zone. This should be any of Nigeria’s 6 geopolitical zones: North East, North West, South East, South West, South South and North Central
- Subsequently, specify your state of origin and the LGA you hail from in that state
- In the field titled “Educational Level”, specify the highest academic level that you have attained
- Following that, tap the Next button to proceed to the last section of the application form
- In this section (precisely the fifth section), you’re expected to specify your desired centre (location) for NYIF free 5-day online training. Also, this section requires you to put in a brief statement of how you got to “hear about NYIF”
- After filling in the necessary details for this section, complete your application by ticking the box indicating “I hereby declare …” and then hit the Submit button beneath
Conclusion
We strongly believe that this article has thoroughly guided you on how to apply for NYIF. If you however require more information about the entrepreneurship empowerment scheme, you may visit its official website.
