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 plan 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.
The selection of candidates for the Nigerian Youth Investment Fund will be based on the following eligibility criteria;
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.
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 + Provisions of Tax Identification Number (TIN)
ELIGIBLE ACTIVITIES/ BUSINESSES
- Technology/ Innovation
- Agriculture and related value chain
- Green Economy and Renewable energy sector
- Hospitality/ Tourism
- Logistics and supply chain
- Healthcare value chain
- Creative sector
The following sets of people are not eligible;
- 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.
individuals with unregistered businesses can get up to N250,000 loan while registered businesses can get up to N3 million (including working capital) with not more than 5 per cent per annum interest rate.
Visit Official Website HERE for application and further information