The application portal for the N75bn Nigeria Youth Investment Fund (NYIF) is officially opened for registration, Afriupdate reports.
The Personal Assistant on New Media to President Muhammadu Buhari made the announcement on his verified Twitter handle on Thursday as seen below:
IMPORTANT: The application portal for the N75bn Nigeria Youth Investment Fund (NYIF) is officially opened for registration. Youths (18-35 yrs) with business ideas that require funding can apply for N250,000 – N5,000,000. Visit https://t.co/CSyDmULTKr for more details.
Kindly RT
— Bashir Ahmad (@BashirAhmaad) October 29, 2020
Similarly, the official Twitter account of the Federal Ministry of Information and Culture, Nigeria as well tweeted the NYIF registration.
To Register for The Nigeria Youth Investment Fund #NYIF please visit the application portal: https://t.co/KB3eQ3YmNc pic.twitter.com/YOei0gruhT
— Fed Min of Info & Nat’l Orien (@FMINONigeria) October 29, 2020
Youths (18-35 years) with business ideas that require funding can apply for N250,000 – N5,000,000, Nigerian authorities say.
Nigerian youths via this initiative (i.e Nigeria Youth Investment Fund) can access up to N3 Million Credit Facility, a piece of information on the National Microfinance Bank official website reads.
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 FG said.
“The fund is dedicated to investing in the innovative ideas, skills and 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.
“The NYIF aims to financially empower Nigeria’s youth to generate at least 500,000 jobs between 2020 and 2023,” the apex government added.
Simple Steps To Apply For FG’s N75bn Investment Fund
STEP 1: Get Trained
Applicants to attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth and Sports Development (FMYSD) EDIs
STEP 2: Apply For Loan
Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.
STEP 3: Submit An Application
Eligible applicants submit applications successfully on NMFB’s portal.
STEP 4: Approval
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.
STEP 5: Disbursement
CBN reviews applications and gives final approval for disbursement to NMFB
Requirements for the N75bn National Youth Investment Fund?
Application is open for Individuals /Non-registered Businesses
Requirements for Individuals
- Applicants must be 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)
Requirements For Registered Businesses
- 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 To Apply
Interested and qualified applicants should click here to visit the Nigeria Youth Investment Fund application portal.
Follow our socials Whatsapp, Facebook, Instagram, Twitter, and Google News.
