Nigeria Youth Investment Fund (NYIF) Application Requirements And Eligibility

To summarize, the Nigerian Youth Investment Fund, NYIF is simply a government initiative that was set up to improve the Nigerian economy via leverage and access to finance for youths. The fund is meant to unravel the potential of the youths and aid them to start businesses that will boost the employment rate in the country.

The Nigerian Youth Investment Fund is focused on reaching 500,000 youth annually between 2020 and 2023. Every fund approval will range from N250,000 to N50,000,000, with a spread across group applications, individual applications, working capital loans set at 12 months, and term loans set at 36 months with single-digit interest rate of 5%.

Disbursement will be via several channels, including microfinance, finance firms, and deposit money banks regulated by the Central Bank of Nigeria and backed by Bank of Industry. The package is simply good news for individuals who are searching for business loans to fund their business. It is also a quick way to grow your personal business with the help of a government-backed loan and free business support.

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PROS:

1. Reduced interest rate.
2. No collateral.

CONS:

1. Too many documentation involved.
2. Existing viable business needed.

Eligibility Criteria For Nigeria Youth Investment Fund (NYIF)?

1. Official Government ID.
2. Applicants have to be between the ages of 18 and 35 years old.
3. Notarized Guarantor forms.
4. Passport photographs.
5. BVN.
6. Training certificate.
7. Fundable business idea.
8. Registered business.
9. You have to be a Nigerian citizen.
10. Graduates must present their NYSC certificate.

Eligible Activities/Business For Nigeria Youth Investment Fund (NYIF)?

• Technology/Innovation.
• Agriculture and related value chain.
• Green Economy and Renewable energy sector.
• Manufacturing.
• Hospitality/Tourism.
• Construction.
• Logistics and supply chain.
• Healthcare value chain.
• Creative sector.

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Ineligibilities For Nigeria Youth Investment Fund (NYIF)?

The following sets of people are not eligible:

• Beneficiaries of NMFB loans (like Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS) that are still unpaid are not eligible to apply.
• Beneficiaries of other Government loan schemes that are yet to be repaid cannot apply.

That is that.