Nigeria Youth Investment Fund (NYIF) 2020 | N75 Billion in Funding

Nigeria Youth Investment Fund (NYIF) 2020 | N75 Billion in Funding

Apply for Nigeria Youth Investment Fund (NYIF) 2020 now and stand a chance to get upto N75 Billion in Funding: The Nigerian Youth Investment Fund (NYIF) was set up as an initiative of the Federal Ministry of Youth and Sports Development (FMYSD) and funded by the Central Bank of Nigeria (CBN) to invest in youth ideas to build sustainable businesses that can activate enterprise and increase job opportunities in Nigeria. The fund is dedicated to investing in the innovative ideas, skills & talents of Nigerian youths aimed at turning them into entrepreneurs, wealth creators and employers of labour, contributing to national development.

The N75 Billion Nigeria Youth Investment Fund (NYIF) targets young people between the ages of 18-35 years and details the needed actions required to support business establishment, expansion and consequent employment creation for youth in critical economic and social sectors.

Successful applicants will undergo 5 days of compulsory online training which is free. Fund approval will range from N250,000 to N5,000,000 with a spread across group applications, individual applications, working capital loans set at 1 year, and term loans set at 3 years.

Objectives:

  • Access- Improve access to finance for youth and youth-owned enterprises, for national development
  • Employment – Generate much-needed employment opportunities to curb youth restiveness.
  • Training – Boost the managerial capacity of the youth and develop their potential to become the future large corporate organizations.

Nigeria Youth Investment Fund Eligibility.

Individuals / Non-registered Businesses

  • Individual within the age bracket of 18 to 35 years
  • Has a valid BVN and means of ID
  • Provision of Business plan Summary or Completed Questionnaire
  • Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs)

Registered Businesses

  • Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)
  • Business plan Summary or Completed Questionnaire
  • Valid Bank Verification Number (BVNs) of Directors
  • Provision of Tax Identification Number (TIN)
  • Entrepreneurship Training Certification from FMYSD EDIs

How to Apply for Nigeria Youth Investment Fund.

Youth with business ideas that require funding can apply for the fund through the following link:

APPLY HERE

OFFICIAL LINK

Requirements:

  • Phone
  • Gender
  • Residential Address
  • Geo-Political Zone
  • State of Origin
  • LGA
  • Educational Level
  • Select Preferred Training Center
  • How did you hear about NYIF?

PRODUCT NAME CBN N75 BILLION NIGERIA YOUTH INVESTMENT FUND (NYIF)
BUSINESS UNIT CREDIT HQ
DATE OCTOBER 2020
PRODUCT CODE CBN-NYIF
PRODUCT DESCRIPTION This product is designed to improve access to finance for youth
and youth-owned enterprises for National development
TARGET MARKET The fund is targeted to financially empower Nigeria youth to
generate at least 500,000 jobs in the country between 2020 to 2023
DOCUMENTATION
REQUIRED
• Training Certificate from approved FMYSD EDIs
• Evidence of registration with 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.
GLOBAL LIMIT ₦12.5 billion
FACILITY TYPE Term Loan

SINGLE OBLIGOR LIMIT Individual / Non-registered Businesses: Up to ₦250,000.00
Registered Businesses (Business Name / Limited Liability /
Cooperative Societies/ Commodities Associations): Up to
₦3,000,000.00
LOAN TENOR Maximum of 5 years
MORATORIUM Maximum of 12 months
SECURITY FEATURES • Execution of letter set – off (required to activate the Global
Standing Instruction [GSI])
• Execution of Offer Letter
• Execution of letter of domiciliation of sales proceed where
applicable
• Registration immovable and movable asset on National
collateral registry (NCR) where applicable
ELIGIBILITY FORMAL BUSINESS ENTERPRISES- Youth Owned Enterprises
• Duly registered formal business enterprises (Youth owned
enterprises) with 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 PRORIETORS)
• 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

INELIGIBILITY • Beneficiaries of NMFB loans (such as Targeted Credit Facility
(TCF) and Agribusiness/Small and Medium Enterprises
Investment Scheme (AGSMEIS) that remain unpaid are not
eligible to apply
• Beneficiaries of other Government loan schemes that remain
unpaid are not eligible to apply
ELIGIBLE ACTIVITIES/
BUSINESSES
• 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
TERMS & CONDITIONS • Acquired immovable and movable collateral options shall be
registered under the National Collateral Registry (NCR)
• Execution of Offer Letter
• Execution of GSI Mandate
• Forfeiture Undertaking and Power of Attorney agreement to be
signed by customer, giving NMFB rights to take over pledged
assets in instance of loan default.
• Loan amount must match loan repayment and loan purpose.
PRICING • 5% p.a (All inclusive)
REPAYMENT STRUCTURE Repayment would be on instalment basis in line with businesses
and NMFB credit evaluation

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