NYIF Application Portal – nyif.nmfb.com.ng

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NYIF Application Portal: 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.

NYIF Application Portal

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 labor, contributing to national development.

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.

Objectives of the NYIF Scheme

  • – Improve access to finance for youth and youth-owned enterprises, for national development
  • – Generate much-needed employment opportunities to curb youth restiveness.
  • – Boost the managerial capacity of the youth and develop their potential to become the future large corporate organizations.

Eligibility and Requirements For NYIF Application

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 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 Does the NYIF Scheme Work?

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 guidelines, makes the appropriate decision, and forward recommended applications to CBN for final approval.

STEP 5: Disbursement

CBN reviews applications and gives final approval for disbursement to NMFB

NYIF Application Portal

For more information, visit the NYIF portal at https://nmfb.com.ng/nyif

Faqs About the NYIF Loan

What is the interest rate?

The interest rate under the intervention is 5% per annum (all-inclusive).

How long is the loan for?

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, cashflow and industry/segment size of 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).

Is there a Moratorium period?

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 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 & Sport 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 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.

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Source: Sabonews.org

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