Nigerian Youth Investment Fund (NYIF): www.nyif.nmfb.com.ng- Register
Nigerian Youth Investment Fund (NYIF): www.nyif.nmfb.com.ng: Nigerian Youth Investment Fund (NYIF): www.nyif.nmfb.com.ng- Register: The Federal Government has approved the sum of 110 Billion Naira for the immediate take-off of the Nigerian Youth Investment Fund (NYIF)
Each fund approval will range from N250, 000 to N50, 000,000, with a spread across group applications, individual applications, working capital loans set at 1 year and term loans set at 3 years with a single-digit interest rate of 5%”
Objectives of the NYIF:
a. To reduce youth unemployment by fostering entrepreneurship.
b. To provide young entrepreneurs with access to affordable finance.
c. To support youth-led businesses in achieving sustainable growth.
d. To encourage innovation and creativity among the youth.
e. To create job opportunities and improve the standard of living.
Highlights Of The 2024 NYIF Program :
- Fund Size: N110 Billion
- Disbursement Limits: N50.000,000
- Tenor: Maximum Of 5 Years
- Interest Rate: 5%
- Moratorium: Up to 12 Months
- Processing Monitoring and Evaluation: To Be Done By Partner MFIs
- Disbursement Strategy: Primarily Through Youth Entrepreneur Clusters
How to access a loan
- Must be a citizen of Nigeria
- Present recognized means of identification and guarantors.
- Potential beneficiaries are expected to have a fundable business idea.
- Registered Business
Loan range
The Loan, whose aim is to meet 500, 000 youths from 2020-2025, approval will range from N250, 000 to N50m with a spread across group applications, individual applications, working capital loan set as one year and term loan set at three years with a single-digit interest rate of 5%.
A minimum of N25 billion each year in the next 3 years, totaling N75 billion will be required to ring-fence the NYIF. For the remaining parts of 2024, N12.5 billion will be needed to kick-start the NYIF. It is expected that successive governments will keep the fund alive.
How to Qualify?
- It is meant to cater to the investment needs of those 18-35.
- An individual or group can apply for the loan.
- Be a Nigerian citizen aged between 18 and 40 years.
- Have a business or business idea that aligns with the Fund’s objectives. Possess a National Identification Number (NIN).
- Demonstrate a willingness to contribute to the economic development of Nigeria. Provide a viable business plan.
Who funds it?
- Ministry of Finance, Budget, and National Planning (MFBNP)
- Central Bank of Nigeria (CBN) will provide the financing to kick-start the Nigeria Youth Investment Fund (NYIF).
Disbursement
It would be disbursed through various channels like
- Micro Credit Organizations across the country under the Central Bank of Nigeria supported:
- Bank of Industry
- Fintech Organizations and
- Venture Capital Organizations registered with the CBN.
Related Post
>NYIF Disburses N5Billion To 7,000 Beneficiaries: Download Names Of Successful Beneficiaries
>NYIF Loan 2024: How To Open Account With NPF Microfinance Bank
>How to Transfer NYIF Loan from NPFMFB to Your Bank Account
>NYIF New Round of Loan Disbursements to 25,000 Youth (How To Confirm Your Eligibility)
>What To Do If Your NYIF Bank Account Is Not Credited After Upgrade
>NYIF N5Billion Update: How To Calculate Loan Repayment ( 250,000 Plus)
>If You Have NOT Received Email After NYIF Training, Here is What To Do
>If You Were Not Invited For NYIF Loan Training (Here is What to do)
Why is it different?
NYIF provides a single window of Investment Funds for the youth thereby creating a common bucket for all Nigerian youth to access Government support.
Providing less cumbersome access to credit and finance for the average Nigerian youth and help lift thousands of the youth out of poverty and birth a whole generation of entrepreneurs
Click the link below to get started