Nigeria Youth Investment Fund has taken new dimension
NYIF: Successful Applicants Will Undergo 5 Days Online Training-FG
Successful applicants will undergo 5 days of compulsory online training which is free
NYIF: Successful Applicants Will Undergo 5 Days Online Training-FG: This became imperative because of the need to have some experience before funds is released to an individual or groups
The Federal Government has made a free and compulsory online training for all applicants who applied for the National Youth Investment Fund
The aim is equipped applicants with all the skills and knowledge needed to put good use of the funds individuals applied for
Requirements for Registration-Nigeria Youth Investment Fund NYIF
• State of Origin
• LGA
• Educational Level
• Select Preferred Training Center
• How did you hear about NYIF?
• Phone
• Gender
• Residential Address
• Geo-Political Zone
NOTE:
You also need your BVN to apply for NYIF FUNDS
Below are steps to access the facility and all you need to know about the scheme.
How to access loan
- Must be a citizen of Nigeria
- Present recognized means of identification and guarantors.
- Potential beneficiaries are expected to have a fundable business idea.
- Registered business
Loan range
The Loan, whose aim is to meet 500, 000 youths from 2020-2023, ranges approval will range from N250, 000 to N50m with a spread across group applications, individual applications, working capital loan set as one year and term loan set at three years with a single-digit interest rate of 5%.
A minimum of N25 billion each year in the next 3 years, totalling N75billion will be required to ring-fence the NYIF.
For the remaining parts of 2020, N12.5 billion will be needed to kick starts the NYIF. It is expected that successive governments will keep the fund alive.
How to Qualify?
- It is meant to cater to the investment needs of those 18-35.
- An individual and group can apply for the loan.
Who funds it?
- Ministry of Finance, Budget, and National Planning (MFBNP)
- Central Bank of Nigeria (CBN) will provide the financing to kick-start the Nigeria Youth Investment Fund (NYIF).
Disbursement
It would be disbursed through various channels like
- Micro Credit Organizations across the country under the Central Bank of Nigeria supported:
- Bank of Industry
- Fintech Organizations and
Venture Capital Organizations registered with the CBN
How to apply to nyif funds