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National Youth Investment Fund (NYIF)
The National Youth Investment Fund initiative is sponsored by the Federal Government through the Federal Ministry of Youth and Sports. The funding which is from the Central Bank of Nigeria will be disbursed by NIRAL Microfinance Bank.
NYIF is designed to run between October 2020 to 2023 with a target of 500,000 youths annually within this time-frame.
NYIF plans to disburse funds ranging from N250,000 to N50,000,000 to eligible youths at a single-digit interest rate of 5% and loan tenor of 5 years.
However, this comes with a maximum moratorium of 12 months which will be solely dependent on business structure and NMFB evaluations.
Who is Eligible for NYIF Registration 2020-2023 Funds?
To be considered eligible for the National Youth Investment Fund (NYIF) 2020, the following requirements would need to be in place:
- Evidence to verify that you are a Nigerian within the age bracket of 18 to 35
- An Approved Certification from Federal Ministry of Youth and Sports (FMYSD) Entrepreneurship Development Institutes (EDI’s)
- A well-documented Business Plan Summary
- An Operational Business Enterprise
- Evidence of registration with the Corporate Affairs Commission (CAC)
- Local Government Area Indigene Certificate
- A Valid Bank Verification Number (BVN)
- A Valid Tax Identification Number (TIN)
Who is NOT Eligible for NYIF Application 2020-2023 Funds?
Red-flags that could immediately get you disqualified from the National Youth Investment Fund (NYIF) initiative in 2020 include scenarios where;
- You have been a beneficiary of any AGSMESIS (Agricbusiness/Small & Medium Enterprises Investnment) Scheme and NMFB loan.
- You have been a previous beneficiary of any other government loan schemes
- You’ve had a record of any financial crime in the last 10 years
- You are unable to verify your identity with valid documents.
NYIF Registration 2021
Before you proceed to NYIF’s Official Website, here are some requirements you would need to get started on your registration.
- Full Identification (Surname, First Name and Middle name)
- Phone Number (Provide a valid number)
- Bank Verification Number
- Choose your Preferred Training Centre
- Choose your Geo-Political Zone
Deadline for NYIF 2020
As at the time of writing this post, no date has been set for the NYIF 2020 Registration but we will notify you when that update comes up. However, it’s best you apply as soon as possible.
How to Apply for NYIF on nyif.nmfb.com
To Apply for the National Youth Investment Fund, Visit the Official Website and fill in the required details as listed above.