An individual can access loan up to N3 Million Credit Facility to fund their business. The application portal is open and is available to any would be needing fund.
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.
Objectives of the 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.
The NYIF aims to financially empower Nigeria’s youth to generate at least 500,000 jobs between 2020 and 2023.
Who is Eligible?
Individuals / Non-registered Businesses
- Individual 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)
- 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 it works
Applicants to attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs
Apply for Loan
Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.
Submit an Application
Eligible applicants submit applications successfully on NMFB’s portal.
NMFB conducts loan assessment in line with Risk Assessment Criteria and programme guideline, make appropriate decision and forward recommended applications to CBN for final approval.
CBN reviews applications and gives final approval for disbursement