This post will serve as a guideline on to apply for the newly approved ₦75 billion Nigerian Youth Investment Fund, NYIF loan of the federal government.
The approval range for this loan is between ₦250,000 and ₦50 million, which spread across group applications.
This loan is specifically for Nigerian youths between the age of 18 and 35 years who have a fundable business idea. It is expected that this loan will help reduce the increasing rate of unemployment, which has been worsened by the COVID-19 pandemic.
Requirements for NYIF loan
Below are requirements to access the Nigerian Youth Investment Fund;
- Prospective beneficiaries must be a Nigerian citizen by birth.
- Must be between the age of 18 and 35 years.
- Passport photographs
- Active phone number and e-mail address
- Bank Verification Number (BVN) and bank account
- A fundable business idea or registered business.
- Must have government issued ID card. See how to check your National Identity Number (NIN) with your mobile phone.
- Must provide at least two guarantors.
The Central Bank of Nigeria (CBN) and the Ministry of Finance, Budget and National Planning (MFBNP) will jointly provide the financing to kick start the project.
Amount, interest rate and term
The loan ranges from ₦250,000 to ₦50 million, and loan term set at 3 years, with an interest rate of 5%.
A minimum of ₦25billion will be released each year for 3 years, totaling ₦75 billion.
How to apply for Nigerians Youth Investment Fund (NYIF) loan
The loan will be disbursed via various channels like; Micro Credit Bank across the country under the Central Bank of Nigeria supported by BOI, Fintech Organisations and Venture Capital Organisations registered with the CBN.
Qualified Nigerian youths, who have genuine business ideas, should visit any of the 125 micro-credit banks across the Nigeria to access the loan. You can also apply online at https://nyif.nmfb.com.ng/Applicants/New