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The Federal Ministry Of Youth And Sports Development (FMYSD) established the Nigerian Youth Investment Fund (NYIF), which was funded by the Central Bank of Nigeria (CBN), to invest in young people’s business ideas that could help Nigerians start-up businesses and create more jobs.
The fund’s goal is to invest in Nigerian youngsters’ creative ideas, talents, and abilities so they can become business owners, wealth producers, and labour employers who further the development of their country.
The NYIF outlines the necessary steps to assist in business establishment, expansion, and subsequent employment creation for youth in important economic and social areas. It is aimed at young people between the ages of 18 and 35. Through its official webpage, the National Youth Investment Fund (NYIF) is now approving the application status of selected candidates.
To empower young Nigerian entrepreneurs and the nation, the program was created by the federal government in partnership with the Nirsal Microfinance Bank (NMFB) and the Central Bank of Nigeria. Over a thousand candidates have benefited from the program since it began at the beginning of last year.
NYIF dashboard login/registration page
- Visit https://nyif.nmfb.com.ng.
- All candidates are urged to use their email address, BVN, phone number, and password to enter the aforementioned portal and check to see if their loan application status is authorized or pending.
- however, you can use your mobile phone to check the web if your phone is updated.
- After logging in, go to your dashboard and click Loan application status to view the status of your loan application.
Formal business requirement
- Submission of a business plan summary or a completed questionnaire;
- officially recognized business entities (youth-owned enterprises) that have been duly registered with the corporate affairs commission (CAC).
- Valid bank verification numbers (BVNs) of directors
- Evidence of training certificate from approved FMISD
- provision of tax identification number (tin)
Informal business requirement
- Must be a Nigerian teenager between the ages of 18 and 35
- Must have a registered business or venture in Nigeria
- Unregistered businesses may also apply
- Has not received a financial crime conviction in the last ten years;
- has a current bank verification number (BVN) and has proof of a local government indigene certificate.
- Those who received NMF loans but have not yet repaid them, such as those who received the targeted credit facility (tcf) or the agribusiness/small and medium enterprises investment scheme (AGSMEIS), are unable to apply.
- Remaining unpaid recipients of previous government loan programs are ineligible to apply.
Eligible company
- Manufacturing, hospitality, tourism, and construction
- Green economy, and renewable energy sector
- Technology/innovation, agriculture, and engineering
- Logistics and supply chain, healthcare value chain
- Creative sector, trading, and education
Terms & conditions
- The national collateral registry (NCR) is where acquired movable and immovable collateral options must be recorded.
- The loan amount must match loan repayment and loan purpose
- Execution of offer letter;
- Execution of GSI mandate;
- Forfeiture undertaking and power of attorney agreement to be executed by a customer, providing NMFB rights to take over pledged assets in case of loan default.
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