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Get Business Fund when you apply for NYIF 75 Billion Nig Govt Inititates

 

Get Business Fund when you apply for NYIF 75 Billion Nig Govt Inititates

nyif.nmfb.com.ng NYIF Application Form: 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 federal government of Nigeria to help Nigerian youth and eliminate poverty to some certain extent.

President Buhari and the Federal Executive Council approved the fund to help the realization of the business ideas of Nigeria’s teeming youthful population.
The application portal for the N75 Billion Nigeria Youth Investment Fund, NYIF is now officially open.

How to Apply for nyif.nmfb.com.ng Nigeria Youth Investment Fund (NYIF)

Application is now open for the Nigerian Youth Investment Fund (NYIF). The application which started today been the 13th of October 2020 is opened to Nigerian Youths from the age of 18- 35 years. Nigerian youths wanting to apply for the program need not have a registered business or existing business.

INFORMAL BUSINESS ENTERPRISES (INDIVIDUAL SOLE PROPRIETORS)

  • Must be a Nigerian youth within the age bracket of 18 to 35yrs
  • Have an operational business /enterprise domiciled In Nigeria (Those with unregistered business can also apply) 
  • Has not been convicted of any financial clime 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.

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 3. International passport)
  • Automated two years bank statement analysis.

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%.

  • GLOBAL LIMIT : N12.5 billion
    FACILITY TYPE : Term Loan
    SINGLE OBLIGOR LIMIT: Individual / Non registered Business: Up to #250.000.00 | Registered Businesses( Business Name, Limited liability/ Corporative Societies / Commodities Associations): Up to N3,000.000.00.
  • LOAN TENOR : Maximum of 5 years
  • MORATORIUM : Maximum of 12 months
  • Repayment Structure : Repayment will be on installment basis inline with businesses and NMFB evaluation.

Nigerian youth investment fund (NYIF) Registration Portal: https://nyif.nmfb.com.ng/Applicants/New.

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