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).
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:
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
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.ng