Youth-owned enterprises can now apply for the N75 Billion Nigeria Youth Investment Fund (NYIF) through NIRSAL Micro Finance bank.
The fund which aims at improving access to finance for youth-owned enterprises wants to generate at least 500,000 jobs in the country between 2020 to 2023.
Nigerian youths within the ages of 18 – 35 can access up to three million Naira (250,000 Naira for individual or unregistered businesses) at an all-inclusive interest rate of five per cent per annum with a maximum tenor of five years and 12 months moratorium.
ELIGIBILITY
To be eligible for the fund your business must meet the following requirements and fall under the following categories:
- Technology/ Innovation.
- Agriculture and related value chain
- Green Economy and Renewable energy sector
- Manufacturing
- Hospitality/ Tourism
- Construction
- Logistics and supply chain
- Healthcare value chain
- Creative sector
- Trading and Services
- Others as may be determined by FMYSD/CBN from time to time
Formal Business Enterprises- Youth Owned Enterprises
- Duly registered formal business enterprises (Youth owned enterprises) with the Corporate Affairs Commission (CAC).
- Provision of Business plan Summary / Or Completed Questionnaire.
- Evidence of Training Certificate from approved FMYSD EDIs.
- Valid Bank Verification Number (BVNs) of Directors.
- Provision of Tax Identification Number (TIN)
Informal Business Enterprises (Individual & Sole Proprietors)
- Must be a Nigerian youth within the age bracket of 18 to 35 years of age.
- Have an operational business /enterprise domiciled in Nigeria (Note: Those with unregistered business can also apply).
- Has not been convicted of any financial crime in the last 10 years.
- Valid Bank Verification Number (BVN).
- Evidence of Local Government Indigene Certificate
REQUIREMENTS
- Training Certificate from approved FMYSD EDIs.
- Evidence of registration with the Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A).
- Valid Bank Verification Number (BVN) for Individuals and Directors.
- Evidence of Local Government Indigene Certificate.
- Duly completed Application form
- A copy of Birth Certificate
- Valid Tax Identification Number (TIN).
- A Summary Business plan / Questionnaire.
- Valid means of Identification (Voter’s Card, Drivers license, National ID/NIN Slip & International passport).
- Automated two years bank statement analysis.
HOW TO APPLY
To apply for Nigeria Youth Investment Fund, eligible businesses can submit their applications at https://nyif.nmfb.com.ng/
And to attend the compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs, visit https://www.youthandsport.gov.ng/ for details.
For more information please visit https://nmfb.com.ng/nigeria-youth-investment-fund/
