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.
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.
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
Unemployed graduate looking for laon start up his business for his daily bread at least
Dear sir I m businessman I waiting for laon
Am a graduate,I need the loan to start up business. Thanks.
interstered
Am businessman and I need the loan to support my business
Interested
I didn’t received any message up to now
I am not receive any message through my email
I’m not receive any messages in my email
How do I train online, I don’t know the essential training portal And I didn’t receive any message meant for training invitation via my mail box or otherwise..
Where is exactly portal for training cos I received the message
I am not receive any message from nyif
Pls update me when d names is out
Please notice me at all time if shortlistted
I am graduate I need loan to investing my business pls
I’m business man I need loan my here 08060008115
Notify me at all times
how do I know if am shortlisted
Interested
I want a loan for my computer business,150,000 I will be happy if my application is been granted thanks
Am waiting patiently pls
please when are they going to start it please email me if the side is open
It’s September already and no news about NYIF please mail me when it’s open ejaitajeph@Hotmail.com
I need the loan .my no,08109694009
I need this loan to start piggery
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
Please sir,i need too.
Am waiting