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.
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.
Aim of Nigerian Youth Investment Fund (NYIF)
The NYIF aims to financially empower Nigeria’s youth to generate at least 500,000 jobs in 2023.
Objectives of the Nigerian Youth Investment Fund (NYIF)
Who is Eligible Nigerian Youth Investment Fund (NYIF)?
1. Individuals within the age bracket of 18 to 35 years
2. Has a valid BVN and means of ID
3. Provision of Business plan Summary or Completed Questionnaire
4. Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs)
1. Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)
2. Business plan Summary or Completed Questionnaire
3. Valid Bank Verification Number (BVNs) of Directors
4. Provision of Tax Identification Number (TIN)
5. Entrepreneurship Training Certification from FMYSD EDIs
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1. Individual / Non-registered Businesses: Can access up to ₦250,000.00
2. Registered Businesses (Business Name / Limited Liability / Cooperative Societies/ Commodities Associations): Can access up to ₦3,000,000.00
How it Works
Applicants to attend compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs.
Successfully trained prospective applicants proceed to the Nigeria Youth Investment Portal (NYIF) portal to apply for the loan.
Eligible applicants submit applications successfully on the NYIF portal.
FMYSD 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.
CBN reviews applications and gives final approval for disbursement to NYIF.
Frequently Asked Questions
Interest rate under the intervention is 5% per annum (all inclusive).
Term loans have a maximum tenor of not more than 5 years.
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).
At least, one-year moratorium.
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 the loan obligor.
Visit the nearest approved Federal Ministry of Youth & Sport Development (FMYSD) Entrepreneurship Development Institute (EDIs) or www.youthandsport.gov.ng
Only FMYSD approved Entrepreneurship Development Institute EDIs are eligible to train any applicants under this scheme.
Yes, a valid Bank Verification Number (BVN) is required.
Any valid means of Identification such as Driver’s license, National ID & International passport.
Yes, the Business/Enterprises must be domiciled and operational in Nigeria.
For enquires, writes Ministry of Youth and Sports via their official email: firstname.lastname@example.org. And you can read more through youthandsports.ng