NYIF News: Loan Application Portal 2021 Reopens

NYIF

Nigeria Youth Investment Fund (NYIF) Loan 2021/2022 Application Portal is ongoing, interested and qualified applicants can now apply for Nigeria Youth Investment Fund Loan as the portal is live
again.

NYIF Loan 2021/2022 Link Portal allows you to access up to N3 Million Credit Facility Dedicated to
investing in the innovative ideas, skills & talents of Nigerian youths aimed at turning them into
entrepreneurs, wealth creators and employers of labor.

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.

Individual / Non-registered Businesses can access up to ₦250,000.00. Also, Registered Businesses (Business Name / Limited Liability / Cooperative Societies/ Commodities Associations) can access up to ₦3,000,000.00. All at the Interest rate under the intervention is 5% per annum.

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).

Who Can Apply for NYIF Loan?

1) 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)

2) 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 It Works

a.) Get Trained: Aspirants to attend mandatory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs.

b.) Apply For Loan: Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.

c.) Submit An Application: Eligible applicants submit applications successfully on NMFB’s portal.

d.) Approval: NMFB conducts loan assessment in line with Risk Assessment Criteria and program guideline, makes the appropriate decision, and forward recommended applications to CBN for final approval.

e.) Disbursement: CBN reviews applications and gives final approval for disbursement to NMFB

NYIF Application Form

NYIF Registration portal is open for every Nigerian and now can apply for the NYIF Loan Application.
The loan application form clearly states the applicant’s information, the amount to be borrowed, the
purpose of the loan, the interest rate, and the loan term.

  • NYIF Loan Application Form portal is now open and anyone who is interested in this can apply online
    via NYIF Portal (www.nyif.nmfb.com.ng).

How To sign up for the Nigeria Youth Investment Fund (NYIF)

  • Apply through the NYIF Portal by visiting www.nyif.nmfb.com.ng
  • Fill in your personal details (Enter your first, middle and last name and your last name. Fill in the correct 11 digits of your BVN. Click Next to continue.)
  • If your BVN has been successfully verified, your date of birth will load automatically at this stage.
  • Enter your phone number, email address and choose your gender.
  • Fill in your residential address, state and local government territory. This is the home address, state and local government territory where you live.
  • Click Next to continue.
  • Select Zone and Educational Level
  • At this point, enter your geopolitical region – Northwest, Northeast, North Central, South West,
    Southeast or South South.
  • Select the state and home of the local government. This is different from where your state and local government reside unless you live in your home state.
  • Select your highest level of education then click “Next” to move on to the final stage.
  • Select a Training Center and Submit
  • This is the final stage of your application. Just choose a training center you like and how you hear
    about NYIF.

Leave a Reply

Your email address will not be published.