7 Facts to note about Nigerian Youths Investment Fund (NYIF)

Entrepreneurship and human capital development especially Youths’ empowerment has over the years proven to be the fastest way of ending widespread poverty and youthful unemployment in any country.

In line with this, the federal government of Nigeria through the Federal Ministry of Youths and Sports last month lunched the Nigerian Youths Investment Fund (NYIF) as a way of empowering the teeming population.

The programme which is funded by the Central Bank of Nigeria (CBN) and expected to provide direct funding for over 500,000 Nigeria’s young entrepreneur within the next four years.

Facts to note about Nigerian Youths Investment Fund (NYIF) loan

Below are facts to be noted about NYIF;

1. Applicants must be within the age of 18-35 years to be eligible for the loan.

2. All applicants must own a business that is operational in Nigeria.

3. Applicants must have a valid Bank Verification Number (BVN).

4. Must not have been convicted of any financial crime in the last 10years.

5. Applicants must posses local government identification certificate.

6. Must not have outstanding loan with any bank or goverment.

7. Applicants must possess the following documents:

• Evidence of registration of business with the Corporate Affairs Commission (CAC). See how to register for free with CAC.
• Listof business directors and BVN number.
• Evidence of regulatory approval where applicable.
• Taxidentification number

Businesses eligible for NYIF loan

It is worthy to note that the NYIF loan interest is 5% per annum. The maximum amount unregistered business can access is two hundred thousand naira, while registered businesses can access up to three (3) million naira.

The following businesses are eligible to apply:

1. Technology

2. Agriculture

3. Renewable Energy

4. Manufacturing industry

5. Hospitality and Tourism

6. Costrution

7. Healthcare Value Change

8. Logistics and Supply Chain

9. Creative sector

10. Trading and Services

11. Other businesses to be included periodically by the Central Bank of Nigeria and the Nigerian Youths Investment Fund (NYIF).

Preference is expected to be given to businesses captured under the Economic Recovery Group Plan (ERGP) and t he Nigerian Youths employment action plan.

To apply for the NYIF loan, kindly Click here to start your application.