Nigeria Youth Investment Fund (NYIF) Registration

OPPORTUNITY DETAILS

Total reward

0 $

Association

for9a Mina7

Area

Africa

Host Country

NIGERIA

Deadline

On going

Study level

Undergraduate

Opportunity type

Fellowships

Opportunity funding

Partial funding

Eligible Countries

This opportunity is destined for all countries

Eligible Region

All Regions

Award or Grant Description $$ term loan

Nigerian Youth Investment Fund (NYIF) is a government initiative created to support youths in business financially. The nigerian youth investment fund application portal is now open for the Nigerian Youth to submit their applications. The Nigeria youth investment fund (nyif) application portal opened on 13th of October 2020 and it's for Nigerian Youths from the age of 18- 35 years that met the requirments

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Eligibility Criteria

FORMAL BUSINESS ENTERPRISES- Youth Owned Enterprises

Duly registered formal business enterprises (Youth owned enterprises) with Corporate Affairs Commission (CAC)
Provision of Business plan Summary / Or Completed Questionnaire
Evidence of Training Certificate from approved FMYSD EDIs
Valid Bank Verification Number (BVNs) of Director
Provision of Tax Identification Number (TIN)

INFORMAL BUSINESS ENTERPRISES (INDIVIDUAL li SOLE PRORIETORS)

Must be a Nigerian youth within the age bracket of 18 to 35yrs
Have an operational business /enterprise domiciled In Nigeria (Those with unregistered business can also apply)
Has not been convicted of any financial clime in the last 10 years
Valid Bank Verification Number (BVN)
Evidence of Local Government Indigene Certificate

INEGIBILITY

Beneficiaries of NMFB loans (such as Targeted Credit Facility TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS) that remain unpaid are not eligible to apply.
Beneficiaries of other Government loan schemes that remain unpaid are not eligible to apply.

Offered Benefits

Aim and Benefits of Nigeria Youth Investment Fund NYIF

fund aims to reach 500,000 youth annually between 2020 and 2023. 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 single digit interest rate of 5%.

GLOBAL LIMIT : N12.5 billion
FACILITY TYPE : Term Loan
SINGLE OBLIGOR LIMIT: Individual / Non registered Business: Up to #250.000.00 | Registered Businesses( Business Name, Limited liability/ Corporative Societies / Commodities Associations): Up to N3,000.000.00.
LOAN TENOR : Maximum of 5 years
MORATORIUM : Maximum of 12 months
Repayment Structure : Repayment will be on installment basis inline with businesses and NMFB evaluation.

Application Process

It is a Government Ministry in Nigeria created in the year 2007 with the mandate inter'liar to promote the socio economic development of the Nigerian Youth through the advancement of their welfare and provision of opportunities for their self- actualization.

Documents required:

Training Certificate from approved FMYSD EDIs
Evidence of registration with Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A
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 3. International passport)
Automated two years bank statement analysis.

APPLY NOW ( 3 APPLICANTS )

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