Application for the NYIF in 2023 According to reports that have been obtained from credible sources, there is a possibility that the Federal Government of Nigeria will begin accepting applications for the Nigeria Youth Investment Fund in the year 2023.
- About NYIF
- How to Apply for NYIF Registration: For registered Businesses
- NYIF 2023
- Businesses Ineligible to apply for NYIF Registration
- Eligible Businesses/activities for NYIF Scheme
- NYIF FAQ
- How much is the NYIF loan?
- How do I access Nigeria Youth Investment Fund?
- How can I check my NYIF loan status?
- Is NYIF loan interest free?
- How far is NYIF?
The Nigeria Youth Investment Fund (NYIF) is a government-supported initiative in Nigeria aimed at providing financial support to young entrepreneurs and small businesses in the country. The fund is managed by the Central Bank of Nigeria (CBN) and was launched in 2020 in response to the economic impact of the COVID-19 pandemic on young people and small businesses in Nigeria.
The NYIF is designed to provide financial assistance to young people aged 18-35 who are interested in starting or growing a small business in Nigeria. The fund is intended to help young entrepreneurs overcome financial barriers to starting and growing a business, such as lack of access to credit or insufficient capital to invest in equipment and other resources.
To be eligible for the NYIF, applicants must be Nigerian citizens aged 18-35, have a viable business idea or an existing small business, and meet other eligibility criteria as determined by the CBN. Interested applicants can apply for the NYIF through the CBN website or through participating financial institutions.
The NYIF is just one of several initiatives the Nigerian government has implemented to support the growth of small businesses and entrepreneurship in the country. Other initiatives include the Nigeria Industrial Revolution Plan (NIRP), which aims to increase the competitiveness of Nigerian industries, and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), which provides support and assistance to small and medium-sized enterprises in Nigeria.
How to Apply for NYIF Registration: For registered Businesses
The Nigeria Youth Investment Fund and the Central Bank of Nigeria (CBN) have compiled a list of the businesses and projects that are qualified to receive investment from the fund, and the list can be found here (NYIF).
In order to be taken into consideration for the Nigerian Youth Investment program, businesses that have already been registered and that are interested in taking part in the initiative are required to provide the information that is listed below. After that, you need to click the link on the line that comes after that one.
- Email address
- Personal name
- Business name
- Business type
- CAC registration details
According to the data obtained from the sources, it is possible that the FG would start accepting applications for the Nigeria Youth Investment Fund in the year 2023.
You have the option of registering your email address on our website if you are interested in being among the first to be notified when the application period begins.
Register your email for NYIF New Registration 2023
Steps to Register Free
- First enter your email id in following text box
- Click on “Register” button
- Login your email and verify your free subscription.
Businesses Ineligible to apply for NYIF Registration
According to the publication, potential applicants for the Nigerian Youth Investment Fund who have loans from the NIRSAL Microfinance Bank (NMFB) that are still outstanding, including loans from the Targeted Credit Facility (TCF) and the Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS), are not qualified to submit an application for the fund.
People who have received loans from other government programs but have not repaid them are not eligible to participate in this particular program either.
Eligible Businesses/activities for NYIF Scheme
The Central Bank of Nigeria (CBN), as part of the framework, also provided specific information regarding the kinds of businesses and activities that are legally allowed to be eligible for participation in the plan. The following are some of them:
- Agriculture and related value chain
- Green Economy and Renewable energy sector
- Logistics and supply chain
- Healthcare value chain
- Creative sector
- Trading and services
- Others as may be determined by NYIF/CBN from time to time.
The CBN, on the other hand, specifies that preference should be given to businesses that would contribute to the expansion of priority sectors.
How much is the NYIF loan?
The Nigerian Youth Investment Fund (NYIF) is currently distributing between N250,000 (Two Hundred and Fifty Thousand Naira) and N3m (Three Million Naira) to young people who have indicated that they require financial assistance for their businesses. The amount of financial assistance is determined by the size of the business and its evaluation.
How do I access Nigeria Youth Investment Fund?
The Nigeria Youth Investment Fund (NYIF) is a government program designed to provide financial support to young Nigerian entrepreneurs. If you are a young Nigerian entrepreneur looking to access the NYIF, here are the steps you can follow:
Check your eligibility: To be eligible for the NYIF, you must be a Nigerian citizen between the ages of 18 and 35. You must also have a viable business idea or an existing business that has been in operation for at least 6 months.
Visit the NYIF website: You can find the NYIF website at https://nyif.nmfb.com.ng/. This is the official website of the NYIF and it is where you can find all the information you need about the program.
Register and complete the application form: Once you have confirmed your eligibility, you will need to register on the NYIF website and complete the online application form. You will be required to provide some basic personal and business information as well as a brief description of your business idea or existing business.
Submit your application: Once you have completed the application form, you can submit it online through the NYIF website. Make sure to double-check your application for errors or incomplete information before submitting it.
Wait for a response: After you have submitted your application, you will need to wait for a response from the NYIF. If your application is approved, you will be contacted with further instructions on how to access the funds.
It’s important to note that the NYIF is a competitive program and not all applications will be approved. Be sure to carefully review the eligibility requirements and provide as much information as possible in your application to increase your chances of being approved.
How can I check my NYIF loan status?
To check the status of your loan application with the Nigeria Youth Investment Fund (NYIF), you will need to follow the steps below:
- Visit the NYIF website at https://nyif.nmfb.com.ng/
- Click on the “Loan Status” tab on the top menu of the homepage
- Enter your application reference number and phone number in the provided fields
- Click on the “Check Status” button
This should display the status of your loan application. If you have any issues or need further assistance, you can contact the NYIF customer support team through the contact information provided on their website.
Is NYIF loan interest free?
The primary goals of the NYIF loan program in Nigeria include the development of new employment opportunities, the expansion of existing small and medium-sized businesses, and the promotion of entrepreneurship. The NYIF loan is neither a grant or a gift; rather, it is a financial obligation that must be returned with interest at a rate that will be established by the Central Bank of Nigeria.
How far is NYIF?
Between the years 2020 and 2023, the NYIF aspires to engage with a total of 500,000 young people on an annual basis. The amount of each fund approved will vary from N250,000 to N50,000,000, with a distribution between group applications, individual applications, working capital loans set at 1 year and term loans set at 3 years, each with a single-digit interest rate of 5%.