Recently, the federal government of Nigeria introduced the youth investment fund for young Nigerians which is aimed at increasing government’s investment in the youths.
About Federal Government Youth Investment Fund For Young Nigerians:
The Federal Executive Council on July 22, 2020 thus approved the Nigeria Youth Investment Fund to the tune of N75bn spread over three years to cater to youth owned businesses and investment need. The Youth Investment fund is targeted towards funding the young populace.
Frequently Asked Questions:
- When did this funding begin?
- Am i qualified to apply?
- How can i apply? read below
- What is the official portal for application? Read below
- Do i have to pay anyone to apply? NO! NO! NO!
- When is the deadline? read below
- How do i stay updated? Yes. Click here
Now here are some answers to some of your questions. The programme was approved by FEC on the 22nd of July 2020.The Minister of Youth and Sports Development Minister, Mr Sunday Dare, on Thursday, inaugurated the application for the Nigeria Youth Investment Fund in Abuja.
The loan provided under NYIF has an interest rate of five per cent per annum.
Youths applying as individuals or non-registered businesses would be able to draw up to N250,000, while youth owned registered businesses could apply for up to N3m, he said. The Nigeria Youth Investment Fund to the tune of N75bn spread over three years to cater to youth owned businesses and investment need.”
N/B: You don’t have to pay anyone any dime. Be careful of fraudster, never pay money to anyone, and report to appropriate authorities where need be.
Requirements: Individuals / Non-registered Businesses – Up to N250,000
- 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)
Requirements: Registered Businesses – Up to N3 Million
- Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)
- Valid Bank Verification Number (BVNs) of Directors
- Provision of Tax Identification Number (TIN)
- Entrepreneurship Training Certification from FMYSD EDIs
Random Facts About NYIF:
The fund aims to reach 500,000 youth annually between 2020 and 2023.
Each fund approval will range from N250, 000 to N50, 000,000, with a spread across group applications, individual applications, working capital loans set at 1 year and term loans set at 3 years with single digit interest rate of 5%.
How To Apply For NYIF:
- Kindly Click here and add your valid email address to get updates directly to your mail. Remember to click on the confirmation link in your mail.
- Next, click here to visit the NYIF official Portal
- Pick a your area of interest.
- Read the requirements,
- Next, apply.
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