How to access ₦75 billion NYIF Loan – nyif.gov.ng

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.

NYIF Loan

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.
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Loan funding

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.

SEE ALSO:  How To Apply For NYSC Business Loan (2020)

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

Below are other loan opportunities you can apply

Updated: October 17, 2020 — 11:04 am

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Humphery

Humphery is a seasoned internet entrepreneur and a life coach. He has been the Nyscinfo ambassador since 2017. He is knowledgeable enough to guide you. Keep following this website for updates, we love you!

39 Comments

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  1. please when are they going to start it please email me if the side is open

  2. It’s September already and no news about NYIF please mail me when it’s open ejaitajeph@Hotmail.com

  3. Ogbavwerha favour ogba

    I need the loan .my no,08109694009

  4. Yilchir happiness donendung

    I need this loan to start piggery

  5. Nuraddeen Abdullahi Yeldu

    Hi oga at the Top.
    I have a business proposal which I want to start sperghety processing and production. I need this loan to help start this my enterprenuer business. Thank you

  6. ADEMOLA,Olanrewaju Folorunso

    Please sir,i need too.

  7. Am waiting

  8. Nsisong Okon Ekpai

    I’m a food production processor, I need a help of loan to start up the business, I have my pharmacy technician certificate to place on, thanks for your help

  9. Please i am a farmer when this portal will be launch i want to farm a beans is late now my phone number 07043708259

    1. Please I am farm plant bean and Beanies see when is this side going to open

  10. Am very much interested

  11. Iromaka ikechukwu johnbright

    Notify me immediately it is launched

  12. Amankwe Godgive chidera

    Interested

  13. Kindly notify me when available.

  14. Please when the program would start

    1. Sulaiman muhammad usman

      Notify me if its launched

  15. This is a kindness thanks

  16. John Kwasin Bally

    Interested

  17. Sharifdeen Shuaibu chukwuebuka

    Notify me immediately it is launched

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