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

This post will serve as 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 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 Banks across the country under the Central Bank of Nigeria supported by BOI, Fintech Organisations and Venture Capital Organisations registered with the CBN.

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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.gov.ng this site has not been launched.

Below are other loan opportunities you can apply

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Humphery

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33 Comments

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  1. Am waiting

  2. 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

  3. 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

  4. Am very much interested

  5. Iromaka ikechukwu johnbright

    Notify me immediately it is launched

  6. Amankwe Godgive chidera

    Interested

  7. Kindly notify me when available.

  8. Please when the program would start

    1. Sulaiman muhammad usman

      Notify me if its launched

  9. This is a kindness thanks

  10. John Kwasin Bally

    Interested

  11. Sharifdeen Shuaibu chukwuebuka

    Notify me immediately it is launched

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