Did you apply for
Nigerian Youth Investment Fund (NYIF) Scheme?
If you did,this update is for you!
The NYIF is a government initiative created to boost the Nigerian economy through leverage and access to finance for youths.
The fund hopes to serve as a catalyst to unleash the potential of the youth and enable many of them build businesses that will increase the employment rate.
The NYIF aims to reach 500,000 youth annually between 2020 and 2023. Each fund approval will range from N250, 000 to N50, 000,000, with a spread across group applications, individual applications, working capital loans set at 1 year and term loans set at 3 years with single digit interest rate of 5%.
Disbursement will be through various channels, which will include micro finance, finance firms and deposit money banks regulated by the Central Bank of Nigeria and supported by Bank of Industry.
Start or grow your own business with the help of a government-backed loan and free business support. A great alternative for individuals looking for business loans to fund their businesses.
On 22 July 2020 President Buhari approved the sum of N75,000,000,000.00 (Seventy-five Billion Naira) for the establishment of the Nigeria Youth Investment Fund (NYIF) for the period of 2020-2023.
The NYIF will target Youth within the age group 18-35 years with innovative ideas to start new businesses or grow existing business enterprises.
The NYIF offers a special window through which young Nigerians can access capital support for their businesses in addition to training and mentorship.
The NYIF is dedicated to investing in the innovative ideas, skills and talents of Nigerian Youth.
The NYIF aims to financially empower existing and potential Nigerian Youth entrepreneurs to generate at least 500,000 jobs between 2020 and 2023.
Applicants that have unpaid government intervention loans such as COVID-19 and AGSMEIS loans will be disqualified from the NYIF Loan application.
Applications for the NYIF closedFebruary 28 for New/fresh registration and does not affect already registered applicants and those awaiting verification mails.
Entrepreneurship training for shortlisted applicants for the NYIF commenced on Monday 22 March 2021. Applicants that qualify will be informed in batches.
Please note that all applicants are encouraged to check their email account regularly. Applicants that have recieved emails for training should keep checking their emails for the new date.
After successful training, qualified applicants will receive loan approval notifications and will be credited subsequently.
For more information contact:https://youthandsport.gov.ng/