Nigeria Yourh Investment Fund, NYIF NMFB Application Form 2021 https://nyif.nmfb.com.ng.
nyif.nmfb.com.ng NYIF Application Form: Application is invited to the Nigeria Youth Investment Fund, NYIF NMFB Application Form for 2021/2022 exercise.
Nigeria Yourh Investment Fund (NYIF) was established as an initiative of the Federal Ministry of Youth and Sports Development (FMYSD) and financed by the federal government of Nigeria.
President Buhari and the Federal Executive Council authorized the fund to help the fulfillment of the business ideas of Nigeria’s teeming youthful population.
The application portal for the N75 Billion Nigeria Youth Investment Fund, NYIF is now officially open.
How to Apply for NYIF
Nigeria Youth Investment Fund (NYIF)
The application is now open for the Nigerian Youth Investment Fund (NYIF). The application which has commenced on the 13th of October 2020 is opened to Nigerian Youths from the age of 18- 35 years. Nigerian youths wanting to apply for the program need not have an enrolled business or existing business.
INFORMAL BUSINESS ENTERPRISES (INDIVIDUAL SOLE PROPRIETORS)
Must be a Nigerian youth within the age bracket of 18 to 35yrs
Have a functional business or enterprise domiciled In Nigeria (Those with unregistered business can also apply)
Has not been convicted of any monetary clime in the last 10 years
Valid Bank Verification Number (BVN)
Evidence of Local Government Indigene Certificate
INELIGIBILITY
Beneficiaries of NMFB loans (such as Targeted Credit Facility TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS) that stay unpaid are not eligible to apply.
Beneficiaries of other Government loan schemes that remain unpaid are not qualified to apply.
DOCUMENTATION 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.
The fund aims to attain 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, personal 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