NYIF Application portal Login nyif.nmfb.com.ng|www.nyif gov.ng|NYIF Training portal|all you need to know
The Nigerian Youth Investment Fund was initiated by the Federal Ministry of Youth and Sports Development (FMYSD) as a recovery strategy to give a significant response to the youth employment challenges in the Nigerian economy.
The major purposes of the scheme are to deal with the obstacles of youth innovations and to empower Nigerian youth with capital and investment needed to build successful businesses that can become sustainable contributors and employers of labour that will contribute to Nigeria’s development.
The scheme aims at young people within the age range of 18-35 years and components required to support business organizations, growth, and consequent employment action for youth in fundamental economic and social sectors.
What NYIF Fund is all about
The sum of N75, 000,000,000.00 (seventy-five billion naira) was approved by The Federal Executive Council few months ago to fund the Nigeria Youth Investment Fund for the period of 2020 – 2023.
This fund will be committed sponsoring of creative ideas, talents, and skills of Nigerian Youth, and to constantly provide the youth with a special opportunity for needed funds, finances, business management skills and other information essential for sustainable business development.
FMYSD is in charge of budgetary expenditures and funds distribution. The fund aims to reach 500,000 youth yearly between 2020 and 2023.
Each successful beneficiary will access funds that range from N250, 000 to N50, 000,000, with a sweep through group applications, individual applications, working capital loans set for the tenor of a year, and term loans set to last 3 years with a single-digit interest rate of 5%.
The aim is to increase access to finance for youth and youth-owned businesses for national growth, to create employment opportunities, limit youth dissatisfaction, increase the administrative capability of the youth and improve their abilities to become corporate organizations in the future.
Requirements for accessing the fund
A huge percentage of youth are employed in the informal sector. Consequently, the NYIF will promote the growth of informal businesses owned by youth into the formal mainstream economy where they can be funded completely,
build a bankable track statement; and be actively captured as full-time participants in economic development.
Interested youth must fulfill the following requirements:
- (i) Be a youth within the age range of 18-35 years.
- (ii) Owned business/enterprises domiciled and functional in Nigeria.
- (iii) Has no financial crime record in the last 10 years.
- (v) Has a valid Bank Verification Number (BVN)
- (vi) Has a Local Government Indigene Certificate.
Formal Business Enterprises (Youth Owned Enterprises)
These are enterprises owned by youths that are legitimate entities registered with the Corporate Affairs Commission (CAC).
Required Document include;
- (i) Proof of registration with Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A);
- (ii) Business questionnaire;
- (iii) File of Directors with BVN nos.;
- (iv) Proof of regulatory approvals (where applicable);
- (v) Tax Identification Number (TIN).
Cooperative organizations registered with the appropriate government bodies and members of Commodity Associations that are within the required age range can also participate.
Types of Facilities
1. Term Loan (for asset acquisition improvement
(i) Individual (Unregistered business)
Shall be selected based on activity/type of project subject to the maximum of N250,000
(ii) Registered Businesses (Business name, Limited Liability, Commodity Association, Cooperative shall be selected by activity/type of project liable to the maximum of N3.0 million (including laboring capital).
Fixed assets obtained with the loan must be registered with the
National Collateral Registry (NCR), with the tenor of 5 years and 1-year moratorium depending on the type of business and the assets earned, also with an interest rate of not more than 5% per annum (all-inclusive).
How to Apply for NYIF|NYIF Application Process – Step By Step Guide
Follow these steps to successfully register for the ongoing Nigeria Youth Investment Fund (NYIF) if you’re interested and eligible
Step 1: Visit NYIF Application Portal for the Form
Visit the NYIF application portal. Once the NYIF portal opens, you will see the application form.
Step 2: Enter Your Personal Information
The following personal information is required
- First Name
- Middle Name
- Last Name (Surname)
Click the “Next” button when you’re done
Step 3: Select Preferred Training Center
Click on the select box to select your preferred training center. The following training centers are available;
- National Youth Development Center (North-Central)
- National Youth Development Center (North-West)
- National Youth Development Center (North-East)
- National Youth Development Center (South-East)
- National Youth Development Center (South-South)
- National Youth Development Center (South-West)
- Federal Ministry of Youth Sports and Development
Step 4: Select How You Heard About NYIF
The 4th step is ticking a box asking you how you came across NYIF. The following options are available
- NMFB Staff
- Google Ads
Step 5: Accept NYIF Terms of Service
The 5th step is a button instructing you to verify that the information provided is true and correct. Click on the accept.
Step 6: Submit Your Application
Click on the submit button and you finally finish your application.
The MYSD will collaborate with appropriate stakeholders to specify potential activity for training.
The closing date has not yet been announced for the youth investment fund portal. All applications through the NYIF portal is free, there’s no form of payment.
- No training fees required
- The training is available online only
- The training period is 5days