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NIRSAL MICROFINANCE BANK (NMFB)

All You Need To Know About Nigerian Youth Investment Fund NYIF

Nigerian Youth Investment Fund NYIF
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The N75 billion Nigerian Youth Investment Fund NYIF is a government initiative for the youths through the Federal Ministry of Youth and Sports Development funded by the Central Bank of Nigeria. The initiative was created to boost the Nigerian economy through leverage and access to finance for youths.

The Nigerian Youth Investment Fund  NYIF is aimed to financially empower Nigerian youth to generate at least 500,000 jobs within 3years.

The major objectives of the plan are to address fragmentation of youth initiatives that prevent assessment of impact, and to provide Nigeria youth with investment inputs required to build successful businesses that can become sustainable employers of labor and contributors to Nigeria’s development.

The Nigerian Youth Investment Fund NYIF initiative targets youths between 18-35years, and details the needed actions required to support business establishment, expansion, and consequent employment creation for youth in critical economic and social sectors.

One of the objectives of The Nigerian Youth Investment Fund NYIF is to Generate much-needed employment opportunities to curb youth restiveness and also Boost the managerial capacity of the youth and develop their potentials to become the future large corporate organizations.

Who Is Eligible To Benefit From this initiative?

An eligible youth must fulfil the following conditions:

  1. Must Be a youth within the age bracket of 18-35 years.
  2. You Must Have business/enterprises domiciled and operational in Nigeria.
  3. should not have been convicted of any financial crime in the last 10 years.
  4. You must have a valid Bank Verification Number (BVN).
  5. Possess Local Government Indigene Certificate.

Documents Required For The Nigerian Youth Investment Fund NYIF

Below are the list of all the required document an Eligible you should have.

  1. Evidence of registration with Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A);
  2. Business questionnaire,
  3. List of Directors with BVN nos.
  4. Evidence of regulatory approvals (where applicable);
  5. Tax Identification Number (TIN).

Eligible Activities/Businesses For Nigerian Youth Investment Fund NYIF

The eligible businesses are:

  • 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.

Term Loan (for asset acquisition/improvement)

Term Loan (for asset acquisition/improvement) ,are as followed:

  1. Individual (Unregistered business) will be determined based on activity/nature of project subject to the maximum of N250,000.
  2. Registered Businesses (Business name, Limited Liability, Cooperative, Commodity Association shall be determined by activity/nature of project subject to the maximum of N3.0 million (including working capital).
  3. The tenor for the loan is a maximum of 5 years depending on the nature of the business and the assets acquired.
  4. A moratorium of up to 1 year may be allowed depending on the nature of the business and the assets acquired.
  5. The interest rate under the intervention shall be at not more than 5% per annum (all-inclusive).
  6. For the collateral, The NMFB will leverage on the General Standing Instruction (GSI) as collateral. Corporate guarantees will be acceptable where applicable
  7. Repayment shall be made on instalment basis by the beneficiaries to the NMFB according to the nature of enterprise and the repayment schedule/work plan provided and agreed at the application processing stage.

QUESTIONS YOU MAY ANSWER IN THE NIRSAL AGSMEIS LOAN INTERVIEW

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