FG Shortlists 10k Youths For NYIF Loan Disbursement

The Nigeria youth investment fund, which was established by the Buhari administration to help provide employment and curb penury. This program will see eligible applicants given a start-up fund to invest in their businesses and existing businesses will get fund to expand.

The application is still ongoing, kindly go to their official website by clicking Here

In this article, you’re going to see answers to the frequent asked questions so you’ll understand the processes and how and why you should apply.

The NYIF aims to financially empower Nigeria’s youth to generate at least 500,000 jobs between 2020 and 2023.

Who Is Eligible

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 Entrepreneurs

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

What is the interest rate

Interest rate under the intervention is 5% per annum (all inclusive).

How long is the loan for

Term loans have a maximum tenor of not more than 5 years.

How much can I access

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).

Is there a Moratorium period

At least, one-year moratorium.

How much can I access in Nigeria Youth Investment Fund

Individual / Non-registered Businesses: Can access up to ₦250,000.00
Registered Businesses (Business Name / Limited Liability / Cooperative Societies/ Commodities Associations): Can access up to ₦3,000,000.00

Can someone currently enjoying any CBN intervention fund access this loan

No, you cannot access this facility except previous CBN intervention loan(s) has been fully repaid.

Do I need a collateral to access this Loan

No, but all assets purchased under the scheme must be registered with the National Collateral Registry (NCR. Also, the Global Standing Instruction (GSI) mandate will be activated to ensure full repayment by loan obligor.

A Nigerian Youth who falls within the age bracket of 18 -35 years

Individual / Non-registered Businesses: Can access up to ₦250,000.00
Registered Businesses (Business Name / Limited Liability / Cooperative Societies/ Commodities Associations): Can access up to ₦3,000,000.00

Where can I get trained?

Visit the nearest approved Federal Ministry of Youth & Sport Development (FMYSD) Entrepreneurship Development Institute (EDIs) or www.youthandsport.gov.ng

Can any NIRSAL MFB approved EDIs train applicants for this programme

No, the NIRSAL approved Entrepreneurship Development Institute EDIs are not eligible to train any applicants under this scheme, except they are listed by the FMYSD.

Do I need a Bank Verification Number BVN to apply for Nigeria Youth Investment Fund

Yes, a valid Bank Verification Number (BVN) is required.

What valid means of identification do I need

Any valid means of Identification such as Driver’s license, National ID & International passport.

Does my Business or Enterprise need to be domiciled in Nigeria

Yes, the Business/Enterprises must be domiciled and operational in Nigeria.

Those who haven’t applied can still go to the official portal to apply via https://nmfb.com.ng/nigeria-youth-investment-fund/

By Okpara Kenneth

https://www.flippstack.com

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