NYIF 2021: 24 Things You Should Know About Nigeria Youth Investment Fund; Frequently Asked Questions

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Anyone can literally see the high interest the Nigerian government have been putting in place to encourage both young and old Nigerian entrepreneurs.

In the year 2020, we’ve seen quite alot of encouraging programmes, targeted at funding businesses across the nation.

This year recorded quite alot of free business funding programmes by the government for small business owners. Alot of Nigerians benefitted from programmes like the survival funds, paads loan for farmers, and the rest of it. NYIF came with a whole new vibe as well.

The Nigeria Youth Investment Fund (NYIF) is one government funding programme that gathered lots of attention; and here are twelve (12) things you should know about NYIF.

12 Things You Should Know About NYIF

NYIF Approval Date:

The programme was approved by FEC on the 22nd of July 2020.The scheme was later announced on twitter via the president’s twitter handle on the 1st of November 2020.

 

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How Much Fund Is Involved:

About 75 billion Naira. This Fund will invest in the innovative ideas, skills and talents of young.

What Is The Aim?

The NYIF aims to financially empower Nigeria youth to generate at least 500,000 jobs between 2020 and 2023. The NIRSAL MFB window shall be funded with an initial take-off seed capital of N12. 5 billion.

What is The Age Bracket?

Young Nigerians within the age bracket of 18 to 35 years of age.

What Are The Requirements For Application (Registered Business)?

  • Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)
  • Valid Bank Verification Number (BVNs) of Directors
  • Provision of Tax Identification Number (TIN)
  • Entrepreneurship Training Certification from FMYSD EDIs

What Is The Amount Of Funds Available For A Registered Business?

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

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What Is The Amount Of Funds Available For A Non- Registered Business?

Individual / Non-registered Businesses: Can access up to ₦250,000.00

What Are The Requirements For Application (Non- Registered Business/Individuals)?

  • 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)

 

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Random Facts:

The 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%.

Is The Application Free?

Yes it is free, do not allow anyone trick you.

When Did The NYIF Portal Go Live?

Nigeria Youth Investment Fund (NYIF) Portal went live on Oct 12, 2020.

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.

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.

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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.

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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?
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.

How Do I Register For NYIF?

NYIF Application Process – Step By Step Guide

  1. Step 1: Visit NYIF Application Portal for the Application Form.
  2. Step 2: Enter Your Personal Information.
  3. Step 3 – Chose Preferred Training Center.
  4. Step 4: Select How You Heard About NYIF.
  5. Step 5: Accept NYIF Terms of Service.
  6. Step 6: Submit Your Application.

What Is The Official Portal?

The Official Portal Is https://nyif.nmfb.com.ng/

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

What Do I Do If I Have Question

Have any Enquiries? – Nigeria Youth Investment Fund (NYIF) Information Form is Available

 

Important Notes

  • The above statements are intended to describe the general nature and level of work to be performed by people assigned to this job.
    They are not to be construed as an exhaustive list of all responsibilities, duties and skills required of personnel so classified.
    All personnel may be required to perform other responsibilities in addition to those specified from time to time, as needed
    • We do not charge any application, processing, training, interviewing, testing or other fee in connection with the application or recruitment process. Should you receive a solicitation for the payment of a fee, please disregard it. Furthermore, please note that emblems, logos, names and addresses are easily copied and reproduced. Therefore, you are advised to apply particular care when submitting personal information on the web
    • We are an equal opportunity employer and value diversity inclusion. We do not discriminate on grounds of colour, race, nationality, religion, age, ethnic origin, disability, gender, marital status, or sexual orientation in our employment practices
    • Our people are all equally gifted in unique ways: we come from diverse traditions, personal experiences and points of view. And we want to include yours, Are you ready to inspire us with your ideas?
    • We encourage all applicants to apply and does not practice any discrimination in any recruitment process.
    • Applications submitted after the deadline will not be considered.
    • Due to the urgency of the position, we have the right to recruit a candidate who matches the required profile before the above deadline
    • Only qualified candidates will be invited for interview
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Publisher’s Note:

Deroundtable.com is a job, vacancy, career opportunity blog. We share daily updates on available Jobs, vacancies, local and international scholarships, Government/international organization loans and grants. Deroundtable.com is not an agent of this organization, we can not assist any applicant secure a job, loan, grant or scholarship. We only share the information for interested persons to apply.
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