Nigeria Youth Investment Fund is a 75 Billion Naira Fund approved by the Federal Government for youth support. In this article we shall be going through how to Apply for Nigeria Youth investment Fund(NYIF) and everything you need to know about the NYIF funds.
The Federal Ministry of Youth and Sports Development, on Thursday, October 15, 2020, flagged off the application for the N75 billion Nigeria Youth Investment Fund (NYIF) recently approved by the Federal Government.
The funds is an initiative of the federal Ministry Of Youth and sport development but funded by the Central Bank of Nigeria.
The NYIF is a a loan offered to persons from the age 18-35 at an interest rate of 5% per annum and a tenor of 5 years with a moratorium of up to 12 months.
The NYIF offers N250,000 for individuals and non registered business while registered business can draw up to N3 million.
REQUIREMENTS FOR THE NIGERIA YOUTH INVESTMENT FUND
• Training Certificate from approved FMYSD EDIs.
• Evidence of registration with the Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A) for registered business.
• Valid Bank Verification Number (BVN) for Individuals and Directors.
• Evidence of Local Government Indigene Certificate.
• Duly completed Application form
• A copy of Birth Certificate
• Valid Tax Identification Number (TIN).
• A Summary Business plan / Questionnaire.
• Valid means of Identification (Voter’s Card, Drivers license, National ID/NIN Slip & International passport).
• Automated two years bank statement analysis.
• Applicant mud have not been convicted of any financial crime in the last 10 years for non registered business.
• Applicant must be within Ages 18 to 35 years
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HOW TO APPLY FOR NIGERIA YOUTH INVESTMENT FUND
To apply for Nigeria Youth Investment Fund, youth with business ideas that needs funding and already existing eligible business can submit their applications at https://nyif.nmfb.com.ng/
Applicant are expected to attend an entrepreneurship training.To attend the compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs, visit https://www.youthandsport.gov.ng/ for details.
On successful completion of the application form, you will get a congratulation message as seen above. Further information will be communicated to you via your provided email address or phone number.
Here you have it a complete guide on how to Apply for Nigeria Youth investment funds. I believe you have a business idea and will apply. Let us know how your application process went in the comment box.