This is how to apply for the Nigerian Youth investment Fund 2020 (N3 Million) Credit Facility. The N3000, 000 Credit Facility is aimed at funding Nigerian youths with skills and business ideas that are able to stirring-up career opportunities in the jobbing sectors of the national economy.
The application portal for this financial empowerment is currently open, and we have examined the prospects for interested candidates.
About the Nigeria Youth Investment Fund
Through the federal ministry of Youths and Sports Development (FMYSD0, the Nigerian Youth Investment Fund (NYIF) was setup as a machinery to fund the talented, the skilled and the idea-filled Nigerian youths who are dedicated to turning the industrial and human-capacity building of the nation into new books.
The initiative is also funded by the Central Bank of Nigeria (CBN), and it currently searching through the best of Nigerian business ideas that will be awarded the worth of sustainability.
In other words, the Nigerian Youth Investment Fund (NYIF) is targeted at investing in youths who can build sustainable businesses.
It is a plan that places consideration priority on youths at the ages from 18 – 35 to detail the necessary actions they need to support their different business establishments.
The Objectives of the Fund
In summary, the objectives of the Nigerian Youth Investment Fund (NYIF) include:
- Access: Improved response to businesses owned by youths for the purpose of developing the nation.
- Employment: Viable businesses require a workforce and that results in employment opportunities. It is aimed at creating a great number of employment opportunities to curb youth irrelevance in the country.
- Training: Without proper training businesses don’t thrive and what the Nigerian Youth Investment Fund (NYIF) intends to achieve also, is to boost the capacity of the youths through quality business training.
It is projected that the Youth Investment Fund will be capable of generating 500,000 jobs between 2020 and 2023.
Who is Eligible to Apply?
The National Youth Investment Programme is only open to two distinct categories of businesses.
One is the individual or non-registered business that is designed to access up to Two Hundred and Fifty Thousand Naira (N250, 000) only, and the Registered Business (up to Three million Naira (N3, 000,000).
Requirements from the Individual or Non-registered Businesses
1. The applicant must be an adult (from 18-35)
2. Present Valid Means of Identification
3. Summary of Business Plan or Completed Questionnaire
4. Entrepreneurial upbringing (Entrepreneurship Training Certification from FMYSD), EDIs
Requirements from the Registered Business:
Being that the loan package for this category is up to N3 Million, the scheme insists that applicants must provide:
CAC Registration of Business (owned by the youth)
Bank Verification Number- a valid account
TIM: Tax Identification Number, and
Entrepreneurship Training Certification from FMYSD EDIs
How to Apply for the Youth Investment Fund 2020
To access this fund you must have applied through the official NYIF portal below described in the link below. Applicants for this programme are also advised to go through the official website of NYIF.
The Application Processes
Accessing the National Youth Investment Fund takes a very simple procedure, and it entails the following:
Submitting of Application
From the NMFB official portal, all the interested candidates are advised to complete their free online application.
All applicants are to attend an entrepreneurship training with an approved Federal Ministry of Youth and Sports Development (FMYSD) EDIs. This exercise is mandatory for all the applicants as certifications are to be presented.
It is after the successful winning in the processes above that one can proceed with the loan application. The loan application is only done through the NIRSAL Microfinance Bank (NMFB) website, using the link provided on this post.
The Microfinance Bank then conducts a risk Assessment routine that decides the hope of the loan and thereafter waits for the CBN for the final approval.
It is still the CBN that will give the final approval for the disbursement of the National Youth Investment Fund, to only the qualified applicants.
Frequently Asked Questions about National Youth Investment Fund
When it comes to loans and grants people want to know the terms and conditions, to avoid accepting lures as opportunities. But in this case, it can truly serve as an intervention program.
Related Post: List of available Loan Options for Businesses in Nigeria
So to ensure you (as a potential applicant) don’t any information missing, we have repeated the answers address through the official website for the fund:
What is the Interest rate for the Youth Investment Fund?
The total interest rate for the youth investment fund is 5% per annum (all-inclusive). The fairness of this interest rate is, however, dependent on the nature of business one decided to invest with.
How long does the Investment Fund last?
According to the official sources, the maximum tenor for the National Youth Investment Fund is five (5) years.
Do I need collateral to access this Loan?
To access the National Youth Investment Fund, one does not need any element of collateral.
But from the same source, it is clear that every item purchased in the courses of running the business must be registered with the National Collateral Registry (NCR).
It is also to be noted that the Global Standing Instruction (GSI) will be activated to ensure full repayment of the loan.
Where can I get trained?
You need to locate any Federal Ministry of Youth & Sports Development (FMYSD) Entrepreneurship Development Institute (EDIs) that is nearer to you. Or simply visit the website below for more information:
Other Loans in Nigeria
Through our various pages, we have written extensively on other levels and forms of loans that are available for businesses in Nigeria. Some of these loans are micro in nature but previously, the Federal Government of Nigeria ( through the CBN) has come up with intervention schemes that help.
You can also visit this page for all the contents published under the loan category, to access a variety of different loan options for different purposes.