The Federal Ministry of Youth and Sports Development (FMYSD) established the Nigerian Youth Investment Fund (NYIF), which was supported by the Central Bank of Nigeria (CBN), to invest in young people’s business ideas that may help Nigerians start up businesses and create more jobs.
The fund’s goal is to invest in Nigerian youngsters’ creative ideas, talents, and abilities so they can become business owners, wealth producers, and labor employers who further the development of their country.
The plan outlines the necessary steps to assist business establishment, expansion, and subsequent employment creation for youth in important economic and social areas. It is aimed at young people between the ages of 18 and 35.
Intentions behind the Scheme Access
Increasing youth and youth-owned business access to finance is important for national growth.
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Employment
Create the necessary employment possibilities to quell youth unrest.
Training
Training Increase young people’s managerial skills and help them reach their full potential as future leaders of huge corporations.
With the help of the NYIF, Nigeria’s youth are expected to create at least 500,000 jobs between 2020 and 2023.
Who is Eligible?
Individuals / Non-registered Businesses
- Individual within the age bracket of 18 to 35 years
- Has a valid BVN and means of ID
- Provision of Business plan Summary or Completed Questionnaire
- Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs)
Registered Businesses
- Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)
- Business plan Summary or Completed Questionnaire
- Valid Bank Verification Number (BVNs) of Directors
- Provision of Tax Identification Number (TIN)
- Entrepreneurship Training Certification from FMYSD EDIs
How it works
Step 1
Get Trained
Applicants to attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs
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Step 2
Apply for Loan
Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.
Step 3
Submit an Application
Eligible applicants submit applications successfully on NMFB’s portal.
Step 4
Approval
NMFB conducts loan assessment in line with Risk Assessment Criteria and programme guideline, make appropriate decision and forward recommended applications to CBN for final approval
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Step 5
Disbursement
CBN reviews applications and gives final approval for disbursement to NMFB
