The Federal Government’s N75 billion Nigeria Youth Investment Fund is already accepting applications (NYIF). The Federal Ministry of Youth and Sports Development (FMYSD) created the NYIF program, which is funded by the Central Bank of Nigeria (CBN), to offer investment loans to Nigerian youths and youth-owned companies.
Individuals or unregistered firms can apply for funding of up to N250,000, while youth-owned registered firms can seek funding of up to N3 million. The loans will be granted for a maximum of 5 years and will have a 5% annual interest rate.
ELIGIBILITY FOR NIGERIA YOUTH INVESTMENT FUND :
Persons or single proprietors enrolling as individuals or sole proprietors must be between the ages of 18 and 35 and have a working business in Nigeria.
They must also have a local government of origin certificate and have not been convicted of any financial crime in the previous ten years.
Businesses must be properly registered with the Corporate Affairs Commission and have a business plan. They must have a TIN and a training certificate from one of the FMYSD’s authorized Entrepreneurship Development Institutes (EDIs).
To be eligible, all candidates must have valid Bank Verification Numbers.
HOW IT WORKS :
GET TRAINED
Applicants must complete a mandatory entrepreneurial training program with an EDI authorized by the Federal Ministry of Youth and Sports Development (FMYSD).
REQUEST A LOAN
Prospective borrowers who have completed the training go to the NIRSAL Microfinance Bank (NMFB) site to apply for a loan.
SEND IN YOUR APPLICATION
On the NMFB’s site, eligible candidates successfully submit their applications.
APPROVAL
NMFB assesses loans in accordance with the Risk Assessment Criteria and the program guidelines, makes suitable decisions, and forwards suggested applications to the CBN for final approval.
DISBURSEMENT
CBN evaluates applications and grants final permission for NMFB payout.
HOW TO REGISTER /APPLY FOR NIGERIA YOUTH INVESTMENT FUND :
To apply for the Nigeria Youth Investment Fund (NYIF), follow these five simple steps:
SUBMIT AN APPLICATION THROUGH THE NYIF PORTAL.
Log on to nyif.nmfb.com.ng on your phone or computer to begin your application. To continue, click “Apply Here.”
FILL UP THE BLANKS WITH YOUR PERSONAL INFORMATION.
Your first, middle and last names should all be entered. Your surname is the same as your last name. Correctly enter your 11-digit BVN. To proceed, click “Next.”
FILL UP THE BLANKS WITH YOUR ADDRESS.
Your date of birth will automatically load if your BVN has been properly confirmed. Fill in your phone number, email address, and gender.
Fill in your home address, as well as your state and local government areas. This is your home address, as well as the state and local government region in which you reside. Make another check to make sure there aren’t any mistakes. To proceed, click “Next.”
CHOOSE YOUR EDUCATIONAL LEVEL AND ZONE.
Enter your geopolitical zone – North West, North East, North Central, South West, South East, or South-South – at this point.
Choose your home state and local government jurisdiction. Except for the fact that you live in your state of origin, these are distinct from your state and municipal government areas of residency.
To advance to the last round, select your greatest educational level and then click “Next.”
SUBMIT AFTER SELECTING THE TRAINING CENTER.
This is the last step in the application process. Simply select the desired training facility and indicate how you learned about the NYIF.
The 5-day course is completely free and will take place entirely online. To complete, check the declaration box and click “Submit.”
Source: https://recruitbros.com/nigeria-youth-investment-fund-how-to-register/