Nigerian Youth Investment Fund (NYIF) Application & How to Apply for Free Government Funds
I want to inform you that you can as well apply for Nigerian Youth Investment Fund (NYIF) through the link portal here on www.youthandsport.gov.ng/apply.
So if there is anything you want to know that is different from what we are discussing on this page, then i bet you may not find it here.
Am also here to show you how you can successfully Apply for Free Government Funds.
Federal ministry for youth and sport Loan 2023
The Nigerian Federal Ministry of Youth and Sport Developments has been mandated by the Federal Government to facilitate an empowerment programme that will help the Nigerian Youth grow and expand their businesses.
You must have heard of the NYIF (Nigerian Youth Investment Fund)? This is just one of the few loans provided by the Government through the ministry.
which will facilitate the empowerment of youth-owned Micro, Small, and Medium Enterprises through a 75 billion naira worth loan, funded by the CBN and approved by the Federal Government of Nigeria.
This initiative brought to life by the Federal Ministry Of Youth and Sports Development (FMYSD) and funded by the Central Bank of Nigeria (CBN) will be spread over three years to cater for
Youth-owned businesses and investment needs and will also be invested in the innovative ideas, skills, and talents of many young Nigerians who aimed at becoming an entrepreneur, wealth creators, and employers of labor.
Who are those eligible for the Nigerian Youth investment fund (NYIF) program?
Any youth or individual between the age range of 18 and 35 years old, who is aiming to start up any form of business is eligible for the registration process.
It is also open to youth who owned Small to Medium Enterprises such as tailors, artisans, fashion designers, traders, and manufacturers. Those who are trading in spare parts are not left out also.
Please note that youth who wished to apply as an individual or a non-registered business could draw up to N250,000. On the same note, youth-owned registered businesses could get funding for up to N3 million naira.
Note: The loan provided under the NYIF, has an interest rate of 5% per annum and a repayment tenor of 5 years with a moratorium of up to 12 months.
Selection Criteria for Federal ministry for youth and sport loan
The selection of candidates for the Nigerian Youth Investment Fund (NYIF) 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 based in Nigeria (Note: Those with unregistered businesses 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
- Properly 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
Ineligibility for Federal ministry for youth and sport loan
: The following sets of people are not eligible for the Nigerian Youth Investment Fund (NYIF).
- 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.
How to enroll in the program?
- You can enroll by kindly visiting the ministry’s website: www.youthandsport.gov.ng. Or, by applying through the NMFB portal/site (NIRSAL Microfinance Bank’s) www.nmfb.com.ng; or, by visiting: www.noya.ng.
Step 2: Apply For a Loan
Successfully trained prospective applicants to proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.
Step 3: Submit an Application
Eligible applicants submit applications successfully on NMFB’s portal.
Step 4: Approval
NMFB won’t just approve the loan they are going to look into every detail as regards Risk Assessment Criteria and programme guidelines, before they will make a final decision and forward their findings and recommendation to CBN which is the Apex Bank of Nigeria for final approval.
Step 5: Disbursement
When the recommendation gets to CBN, it’s left for them to carry out a review of the applications and thereby gives final approval for disbursement to NMFB to beneficiaries.
Please note: you are not meant to pay in money to anyone, application is free as forms are readily available at the Nigeria Youth Investment Fund portal nyif.nmfb.com.ng and noya.ng (informational).
What Are the Benefits of Enrolling in the program?
- NYIF- Opportunity to get 250k to 50m loans (per MSME) at 5 percent for business ideas.
2. DY.ng- Digital training and a pathway to the enterprise via FMYSD and CBN-led training opportunities.3. Access to participate in empowerment programs and entrepreneurship training programs organized by the Ministry.4. Access to real-time information on all youth entrepreneurship initiatives.5. Priority funding from another public and private sector, financial institutions, including international donor Agencies.6. Provides borderless marketing opportunities for MSMEs
7. Business guarantor and many more opportunities.
9 thoughts on “Nigerian Youth Investment Fund (NYIF) Application & How to Apply for Free Government Funds”
Thank for helping the youth .I will use the money for agriculture ,
I applied for this last year I did everything they asked me to do but never got any money
Thanks you for helping the youth
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