The Federal Government, through the ministry of youth and sports development, has launched a N75 Billion investment fund called The Nigerian Youth Investment Fund (NYIF) to empower young entrepreneurs to start and scale their business.
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.
The aim of the fund is to access to finance for youth-owned enterprises which would help to generate at least 500,000 jobs in the country between 2020 to 2023.
Nigerian youths within the ages of 18 – 35 can access up to three million Naira at an interest rate of five per cent per annum with a maximum tenor of five years and 12 months moratorium.
ELIGIBILITY
To be eligible for the fund your business must meet the following requirements and fall under the following categories:
- 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
Formal Business Enterprises- Youth Owned Enterprises
- Duly registered formal business enterprises (Youth owned enterprises) with the 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 Proprietors)
- 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
REQUIREMENTS
- Training Certificate from approved FMYSD EDIs.
- Evidence of registration with the 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.
How to Apply
Nigeria Youth Investment Fund Registration Portal
If you are interested in applying for this opportunity, you can visit Nigerian youth investment fund registration portal or website below to applykindly follow the link below to apply.
Click here to visit the Nigerian Youth Investment Fund portal now to apply
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Application Deadline for the Nigerian Youth Investment Fund: There is no application deadline for the fund. That said, the earlier the better.
