Step by Step Guide for Nigeria Youth Investment Fund NYIF Registration and FAQ – Check Now

Nigeria Youth Investment Fund NYIF Registration form portal is now open, register now. Below are all the required information you need to know about NYIF Registration 2020 and how you can register online, so follow the steps here to apply now. The fund shall be deployed to support the establishment and/or expansion of an estimated 5,000 enterprises promoted by Nigerian youths across the country.

As the Nigeria Youth Investment Fund registration for payroll support enters day two, which marks the commencement of registration for businesses in the hospitality sector. We hereby provide the Step by Step Guide on how to go about application processes for Nigerian Youth Investment Fund (NYIF) Registration.

The Nigerian Youth Investment Fund (NYIF) was set up as an initiative of the Federal Ministry of Youth and Sports Development (FMYSD) and funded by the Central Bank of Nigeria (CBN) to invest in youth ideas to build sustainable businesses that can activate enterprise and increase job opportunities in Nigeria.

The NYIF aims to financially empower Nigerian’s youth to generate at least 500,000 jobs between 2020 and 2023. Nigeria Youth Investment Fund Is AN INITIATIVE OF THE FEDERAL MINISTRY OF YOUTH
AND SPORTS DEVELOPMENT FUNDED BY THE CENTRAL BANK OF NIGERIA

Check Also: Nigerian Youth Investment Fund 2020 Registration Portal – Apply Now

Who Is Eligible to Apply For Nigeria Youth Investment Fund?

  1. Individuals / Non-registered Businesses – Up to N250,000

    • 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)

    2. Registered Businesses – Up to N3 Million

    • 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

How Nigerian Youth Investment Fund NYIF Registration Works

Steps below is how Nigeria Youth Investment Fund works, so follow the guide below here for registration.

STEP 1

Submit An Application

Eligible applicants submit applications successfully on NMFB’s portal.

STEP 2

Get Trained

Applicants to attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs

STEP 3

Apply For Loan

Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.

STEP 4

Approval

NMFB conducts loan assessment in line with Risk Assessment Criteria and programme guideline, make appropriate decision and forward recommended applications to CBN for final approval.

STEP 5

Disbursement

CBN reviews applications and gives final approval for disbursement to NMFB

Nigerian Youth Investment Fund (NYIF) FAQ

Listed below are the Nigeria Youth Investment Fund FAQ

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

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

Individual/Non-Registered Businesses: Can access a maximum of N250,000

Registered Businesses (Business name/Limited Liability/Cooperative Society/Commodities Associations) – Can access up to N3 Million

At least, one-year moratorium.

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

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

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

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

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

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

Any valid means of Identification such as Voter’s Card, Driver’s license, National ID/NIN Slip & International passport.

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

Objectives of the Nigerian Youth Investment Fund Scheme

  1. To improve access to finance for youth and youth-owned enterprises, for national development
  2. Generate much-needed employment opportunities to curb youth restiveness.
  3. Boost the managerial capacity of the youth and develop their potential to become the future large corporate organizations.

How to Apply for Nigerian Youth Investment Fund NYIF Registration 2020?

To register Visit the official NYIF registration portal at https://nmfb.com.ng/nigeria-youth-investment-fund and click on ‘Sign Up’. Select your Registration Type, which is the Nigerian Youth Investment Fund Payroll Support.

Note: Make sure you complete the online application form before the deadline. Make sure you apply for the programe that matches with your career type.

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