Last updated on April 1, 2021 by The Counselor
What is Nigerian Youth Investment Funds (NYIF )
Nigerian Youth Investment Fund NYIF is a government initiative support program through the Federal Ministry of Youth and Sports Development (FMYSD) and funded by the Central Bank of Nigeria to respond effectively to the youth employment challenge in Nigeria. NYIF objectives are to address the fragmentation of youth initiatives that prevent assessment of impact and to provide Nigerian youth with investment inputs required to build successful businesses that can become sustainable employers of labour and contributors to Nigeria’s development.
How do I apply for a NYIF loan?
Visit the NYIF official website at https://nyif.nmfb.com.ng/Applicants/New, and submit your personal information which includes first name, middle name, last name (Surname) and BVN. Choose your preferred training centre, accept the terms of services and submit your application.
How much is the NYIF loan?
NYIF approves loan range from N250, 000 to N50, 000,000, with a spread across group applications, individual applications, working capital loans set at 1 year and term loans set at 3 years with a single-digit interest rate of 5%.
- GLOBAL LIMIT: N12.5 billion
FACILITY TYPE: Term Loan
SINGLE OBLIGOR LIMIT: Individual / Non registered Business: Up to N250.000.00 | Registered Businesses ( Business Name, Limited liability, Corporative Societies, Commodities Associations): Up to N3,000.000.00.
- LOAN TENOR: Maximum of 5 years
- MORATORIUM: Maximum of 12 months
- Repayment Structure: Repayment will be on an instalment basis inline with businesses and NMFB evaluation.
Disbursement of NYIF loan is done through various channels, which will include microfinance, finance firms and deposit money banks regulated by the Central Bank of Nigeria and supported by the Bank of Industry.
Is NYIF real or fake?
NYIF is not fake but real and this is the website address. There are many fake website outsides camouflaging as NYIF. Their major aim is to collect your data and use it to defraud you or access and hack your social media account
What are the requirements for NYIF?
- Has a valid Bank Verification Number (BVN)
- Be a youth within the age bracket of 18-35 years.
- Youths with Innovative ideas, skills, talents and enterprise
- Has not been convicted of any financial crime in the last 10 years.
- You will provide your personal information
- Your Bank Account Number
- Mandatory Entrepreneurship training
Compulsory NYIF Biodata
- Phone Number
- Residential Address
- Geo-Political Zone
- State of Origin
- Educational Level
Can women participate in Nigerian Youth Investment Funds (NYIF)?
To ensure equal gender participation in Nigerian Youth Investment Funds (NYIF) and even youth financial access across the country, applications are divided according to the applicant’s Local and State Government Area (LGA).
So Which States Eligible for NYIF Application Form?
Abia, Adamawa, Akwa Ibom, Anambra, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Ekiti, Enugu, Gombe, Imo, Jigawa, Kaduna, Kano, Katsina, Kebbi, Kogi, Kwara, Lagos, Nasarawa, Niger, Ogun, Ondo, Osun, Oyo, Plateau, Rivers, Sokoto, Taraba, Yobe, Zamfara, Federal Capital Territory (FCT).
Eligible Activities/Businesses for NYIF Loan
- Technology/ Innovation
- Agriculture and related value chain
- Green Economy and Renewable energy sector
- Logistics and supply chain
- Healthcare value chain
- Creative sector and
- Trading and Services.
- Others may be determined by NYIF/CBN from time to time.