Nigeria Youth Investment Fund Budgets N75million to Empower Youths

Nigeria Youth Investment Fund Budgets N75million to Empower Youths

The Nigerian Youth Investment Fund (NYIF) is an initiative of the Federal Ministry of Youth and Sports Development (FMYSD) and is funded by the Central Bank of Nigeria (CBN).

Nigeria Youth Investment Fund Budgets N75million to Empower Youths

AIM

The fund is aimed at investing in the innovative ideas, skills & talents of Nigerian youths and thereby, turning them into entrepreneurs, wealth creators and employers of labour, contributing to national development.

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

TARGET

The young generation of Nigerians between the age of 18-35 years who aspire to be successful entrepreneurs

Access

Improve access to finance for youth and youth-owned enterprises for national development;

Employment

Generate much-needed employment opportunities to curb youth restiveness.

Training

Boost the managerial capacity of the youth and develop their potentials to become the future large corporate organizations.

The Qualification Criteria for this scheme are as follows:

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Individuals / Non-registered Businesses

1. Individual within the age bracket of 18 to 35 years

2. Has a valid BVN and means of ID

3. Provision of Business plan Summary or Completed Questionnaire

4. Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs)

Registered Businesses

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

2. Business plan Summary or Completed Questionnaire

3. Valid Bank Verification Number (BVNs) of Directors

4. Provision of Tax Identification Number (TIN)

5. Entrepreneurship Training Certification from FMYSD EDIs

How It Works

STEP 1

Application

NIRSAL Microfinance Bank carries out verification of details using KYC

STEP 2

Submission of Business plans and loan application

STEP 3

Evaluation

Ministry of Youth and Sports Development and NIRSAL Microfinance Bank evaluate applications. Successful candidates receive approval for training.

STEP 4

Training and Loan disbursement.

CBN gives final approval for disbursement after successful training

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Note:

The Nigerian Investment Fund (NYIF) is a (soft) LOAN at 5% interest. It is not a GRANT.

To register visit youthandsport.gov.ng or nmfb.com.ng

Kindly note that registration for this scheme is ABSOLUTELY FREE.

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Source: Legit

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