Nigeria Youth Investment Fund Portal N75 Billion Loan Application Form 2020 | NYIF

Nigeria Youth Investment Fund Portal (NYIF) N75 Billion Loan Application Form 2020 https://nyif.nmfb.com.ng

See how to register for the NYIF N75 Billion Nigeria Youth Investment Fund loan for 2020 by Central Bank of Nigeria (CBN), NIRSAL Microfinanace Bank Eligibility, deadline and Guidelines, https://nyif.nmfb.com.ng.

The registeration portal for the Federal Government N75 Billion Nigeria Youth Investment Fund (NYIF) has been revealed.

Age Limit For N75 Billion Nigeria Youth Investment Fund

Only Nigerian youths between the age of 18-35 years old can apply for the investment fund.

Nigeria Youth Investment Fund Portal

https://nyif.nmfb.com.ng

The successfull applicants will have to past through a free 5 days of compulsory online training. Fund approval will range from N250,000 to N5,000,000 with a spread across group applications, individual applications, working capital loans set at 1 year, and term loans set at 3 years.

About the Nigeria Youth Investment Fund (NYIF)

We’re going to tell you some vital things you need to know about the investment fund. 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.

Purpose Of Nigeria Youth Investment Fund (NYIF)

The NYIF aims to financially empower Nigeria’s youth to generate at least 500,000 jobs between 2020 and 2023.

Objectives Of Nigeria Youth Investment Fund

a. Access: Improve access to finance for youth and youth-owned enterprises, for national development
b. Employment: Generate much-needed employment opportunities to curb youth restiveness.
c. Training: Boost the managerial capacity of the youth and develop their potential to become the future large corporate organizations.

Who Can Apply For Nigeria Youth Investment Fund (NYIF)

Individuals / Non-registered Businesses can apply

• Individual within the age bracket of 18 to 35 years
• Applicants must have a valid BVN and means of ID
• Provision of Business plan Summary or Completed Questionnaire
• Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs)

Registered Businesses

Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)

Business plan Summary or Completed Questionnaire

• Valid Bank Verification Number (BVNs) of Directors
• Provision of Tax Identification Number (TIN)
• Entrepreneurship Training Certification from FMYSD EDIs

How To Apply For Nigeria Youth Investment Fund

Any youth with business ideas that require funding can apply for the fund by clicking on the link below:

• https://nyif.nmfb.com.ng/Applicants/New

STEP 1
Get Trained
Applicants to attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs

STEP 2
Apply for Loan
Successfully trained prospective applicants 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 conducts loan assessment in line with Risk Assessment Criteria and programme guideline, make appropriate decision and forward recommended applications to CBN for final approval.

STEP 5
Disbursement
CBN reviews applications and gives final approval for disbursement to NMFB.

What is the interest rate Of NYIF?

Interest rate under the intervention is 5% per annum (all inclusive).

How long is NYIF loan for?

Term loans have a maximum tenor of not more than 5 years.

How much can I access?

Households: Can access a maximum of N3 million

Loan amount to SMEs shall be determined based on the activity, cashflow and industry/segment size of beneficiary, subject to a maximum of N25 million.

Working capital shall be a maximum of 25% of the average of the previous 3 years’ annual turnover. (where the enterprise is not up to 3 years in operation, 25% of the previous year’s turnover will suffice).

Is there a Moratorium period?

At least, one-year moratorium.

How much can I access?

Individual / Non-registered Businesses: Can access up to ₦250,000.00

Registered Businesses (Business Name / Limited Liability / Cooperative Societies/ Commodities Associations): Can access up to ₦3,000,000.00

Can someone currently enjoying any CBN intervention fund access this loan?

No, you cannot access this facility except previous CBN intervention loan(s) has been fully repaid.

Do I need a collateral to access this Loan?

No, but all assets purchased under the scheme must be registered with the National Collateral Registry (NCR. Also, the Global Standing Instruction (GSI) mandate will be activated to ensure full repayment by loan obligor.

A Nigerian Youth who falls within the age bracket of 18 -35 years

Individual / Non-registered Businesses: Can access up to ₦250,000.00

Registered Businesses (Business Name / Limited Liability / Cooperative Societies/ Commodities Associations): Can access up to ₦3,000,000.00.

Where can I get trained for NYIF?

Visit the nearest approved Federal Ministry of Youth & Sport Development (FMYSD) Entrepreneurship Development Institute (EDIs) or www.youthandsport.gov.ng.

Can any NIRSAL MFB approved EDIs train applicants for this programme?

No, the NIRSAL approved Entrepreneurship Development Institute EDIs are not eligible to train any applicants under this scheme, except they are listed by the FMYSD.

Do I need a Bank Verification Number BVN to apply for NYIF?

Yes, a valid Bank Verification Number (BVN) is required.

What valid means of identification do I need?

Any valid means of Identification such as Driver’s license, National ID & International passport.

Does my Business or Enterprise need to be domiciled in Nigeria?

Yes, the Business/Enterprises must be domiciled and operational in Nigeria

Deadline for NYIF N75 billion loan

The closing date is not Specified.

More information

PRODUCT NAME: CBN N75 BILLION NIGERIA YOUTH INVESTMENT FUND (NYIF)

BUSINESS UNIT: CREDIT HQ

DATE: OCTOBER 2020

CODE: CBN-NYIF

PRODUCT DESCRIPTION

This product is designed to improve access to finance for youth
and youth-owned enterprises for National development

TARGET MARKET

The fund is targeted to financially empower Nigeria youth to
generate at least 500,000 jobs in the country between 2020 to 2023.

• Also Read: UBEC Recruitment 2020 Form | Federal Teachers Scheme Recruitment 2020/2021

REQUIRED DOCUMENTS

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

GLOBAL LIMIT: ₦12.5 billion

FACILITY TYPE: Term Loan

SINGLE OBLIGOR LIMIT

Individual / Non-registered Businesses: Up to ₦250,000.00

Registered Businesses (Business Name / Limited Liability / Cooperative Societies/ Commodities Associations): Up to ₦3,000,000.00

NYIF N75 Billion LOAN TENOR

Maximum of 5 years

MORATORIUM: Maximum of 12 months

SECURITY FEATURES

• Execution of letter set – off (required to activate the Global
  Standing Instruction [GSI])
• Execution of Offer Letter
• Execution of letter of domiciliation of sales proceed where applicable
• Registration immovable and movable asset on National collateral registry (NCR) where applicable

Recommended: Federal Government BEA Scholarship Form 2020/2021 For Undergraduate and Postgraduate Students

ELIGIBILITY

• 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  Provision
  of Tax Identification Number (TIN)
  INFORMAL BUSINESS ENTERPRISES (INDIVIDUAL & SOLE PRORIETORS)
• 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

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

ELIGIBLE ACTIVITIES/
BUSINESSES

• Technology/ Innovation
• Agriculture and related value chain
• Green Economy and Renewable energy sector
• Manufacturing
• Hospitality/ Tourism
• Construction
• Logistics and supply chain
• Healthcare value chain
• Creative sector
• Trading and Services
• Others as may be determined by FMYSD/CBN from time to time

TERMS & CONDITIONS

Acquired immovable and movable collateral options shall be
registered under the National Collateral Registry (NCR)
• Execution of Offer Letter
• Execution of GSI Mandate
• Forfeiture Undertaking and Power of Attorney agreement to be
signed by customer, giving NMFB rights to take over pledged
assets in instance of loan default.
• Loan amount must match loan repayment and loan purpose.

PRICING: 5% p.a (All inclusive)

REPAYMENT STRUCTURE

Repayment would be on instalment basis in line with businesses and NMFB credit evaluation

Also find: Nigeria Youth Investment Fund, NYIF N75 BILLION LOAN, Nigeria Youth Investment Fund N75 BILLION LOAN.