Finance
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.
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
Leo
October 31, 2020 at 11:06
Interested
Igwe Michael
October 31, 2020 at 08:51
I want a loan for my computer business,150,000 I will be happy if my application is been granted thanks
Gladys Etim Ebong
October 29, 2020 at 23:25
Am waiting patiently pls
Blessing habila
September 12, 2020 at 18:46
please when are they going to start it please email me if the side is open
Aminu iliyasu
May 30, 2021 at 21:24
I to
Ejaitajeph
September 8, 2020 at 14:49
It’s September already and no news about NYIF please mail me when it’s open ejaitajeph@Hotmail.com
Ogbavwerha favour ogba
August 25, 2020 at 18:38
I need the loan .my no,08109694009
Yilchir happiness donendung
August 14, 2020 at 15:36
I need this loan to start piggery
Nuraddeen Abdullahi Yeldu
August 13, 2020 at 16:03
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
ADEMOLA,Olanrewaju Folorunso
August 9, 2020 at 09:25
Please sir,i need too.
Yunusa Mohammed
August 1, 2020 at 18:12
Am waiting
Nsisong Okon Ekpai
July 30, 2020 at 21:04
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
Muhammad usman
July 30, 2020 at 03:12
Please i am a farmer when this portal will be launch i want to farm a beans is late now my phone number 07043708259
Danladi nuhu
August 1, 2020 at 10:24
Please I am farm plant bean and Beanies see when is this side going to open
Ameh Andrew Oche
July 29, 2020 at 11:02
Am very much interested
Iromaka ikechukwu johnbright
July 29, 2020 at 09:12
Notify me immediately it is launched
Amankwe Godgive chidera
July 29, 2020 at 08:21
Interested
Ugwu Emmanuel
July 29, 2020 at 01:01
Kindly notify me when available.
Sirajo muhammad
July 29, 2020 at 00:56
Please when the program would start
Sulaiman muhammad usman
July 29, 2020 at 11:44
Notify me if its launched
Sirajo muhammad
July 29, 2020 at 00:48
This is a kindness thanks
John Kwasin Bally
July 29, 2020 at 00:01
Interested
Sharifdeen Shuaibu chukwuebuka
July 28, 2020 at 21:00
Notify me immediately it is launched