Are you a Nigerian entrepreneur looking for opportunity to finance your business. Search no more, the Nigerian Youth Investment Fund (NYIF) is back again for the year 2024. Federal Government had approved N110 billion for youths in business within the age of 18 to 40 years. Disbursement will be channelled through established youth enterprise clusters governed by the Presidential Initiative For Youth Enterprise Clusters. https://www.fmyd.gov.ng/nyif_application
HIGHLIGHTS OF THE 2024 NYIF PROGRAM
FUND SIZE: N110 Billion
DISBURSEMENT LIMITS: N50,000,000
TENOR: MAXIMUM OF 5 YEARS
INTEREST RATE: 5%
MORATORIUM: UP TO 12 MONTHS
PROCESSING MONITORING AND EVALUATION: TO BE DONE BY PARTNER MFIs
DISBURSEMENT STRATEGY: PRIMARILY THROUGH YOUTH ENTERPRISE CLUSTERS
Eligibility Criteria
To be eligible for the NYIF, applicants must meet the following criteria:
Be a Nigerian citizen aged between 18 and 40 years.
Have a business or business idea that aligns with the Fund’s objectives.
Possess a National Identification Number (NIN).
Demonstrate a willingness to contribute to the economic development of Nigeria.
Provide a viable business plan.
Offered Benefits
The goal is to turn them into entrepreneurs who can create wealth and employment, thereby contributing significantly to national development.
FUND SIZE: N110 Billion
DISBURSEMENT LIMITS: N50,000,000
Objectives of the NYIF
To reduce youth unemployment by fostering entrepreneurship.
To provide young entrepreneurs with access to affordable finance.
To support youth-led businesses in achieving sustainable growth.
To encourage innovation and creativity among the youth.
To create job opportunities and improve the standard of living.
Application Process
Go to Federal Ministry of Youth and Sports Development (FMYSD) on www.fmyd.gov.ng to apply
Register: Create an account on the NYIF portal.
Complete Application Form: Fill out the online application form with accurate personal and business details.
Upload Documents: Attach the required supporting documents.
Submit Application: Review your application and submit it online.
Application Process
Step 1: Online Registration and Application
Step 2: Submission of Required Documents
Step 3: Application Review and Verification
Step 4: Funding Decision and Disbursement
Frequently Asked Questions (FAQs)
Q: What is the maximum amount I can apply for?
A: The maximum funding amount will depend on the business needs and the evaluation of your business plan.
Q: How long does the application process take?
A: The application review process typically takes 4-6 weeks. However, this may vary depending on the volume of applications received.
Q: Can I apply if I don’t have a registered business?
A: Yes, you can apply if you have a viable business idea and meet the other eligibility criteria. However, you will need to register your business before the funds can be disbursed.
Q: Is there a fee to apply for the NYIF?
A: No, the application process is free of charge.
Required Documents:
Applicants must upload the following documents:
Copy of National Identification Card (NIN)
Business Registration Certificate
Business Plan/Proposal
Proof of Business Ownership (if applicable)
