Applications are now open for the Federal Government’s N75 billion Nigeria Youth Investment Fund (NYIF).
Funded by the Central Bank of Nigeria (CBN), the NYIF scheme was launched by the Federal Ministry of Youth and Sports Development (FMYSD) to provide investment loans to youths and youth-owned businesses in the country.
Who can access it?
Individuals or non-registered businesses can access up to N250,000 in funding while youth-owned registered businesses can apply for up to N3 million. Granted loans will run for a maximum of 5 years and attract a 5% interest per annum.
All applicants must possess valid Bank Verification Numbers to be eligible.
Applicants must not have been convicted of any financial crime in the last 10 years and must possess a local government of origin certificate.
Youths applying as individuals or sole proprietors must be within the ages of 18 to 35 years and have operational businesses in Nigeria.
For youth-owned enterprises, they must be duly registered with the Corporate Affairs Commission and provide a business plan. They must have a Tax Identification Number (TIN) and a training certificate from approved FMYSD Entrepreneurship Development Institutes (EDIs).
How to Apply
Go to nyif.nmfb.com.ng and click on Apply Here