In this post you will learn how to access the NYIF loan application portal and apply for the NYIF loan. Similarly, you will also know if you are eligible as I will be discussing the requirements needed to benefit from the Nigeria Youth Investment Fund.
The Nigeria Youth Investment Fund was unveiled October 2020. The aim of the federal Government in creating this program is to invest in the youth’s creative ideas and skills. As a result of this, the Federal Government of Nigeria has set aside funds to sponsor several youth skills and ideas, with more plans to sponsor more in the future.
This initiative is from the Federal Ministry of Youth and Sport development and is funded by the Central Bank of Nigeria through Nirsal microfinance bank.
The NYIF targets 500,000 youths annually and is expected to continue from October 2020 till 2023.
Therefore, as a youth in Nigeria you can easily benefit from this Youth Investment fund provided you meet the requirements.
Who is Eligible For NYIF Loan?
Every youth that owns business either formal and informal enterprise can access the NYIF fund.
The CBN has listed some requirements that every Nigerian must meet to access the 75 billion Naira youth investment fund.
Requirements for those in the informal sector whose businesses are not registered:
- Beneficiaries must be a youth within the age of 18 – 35 years
- Beneficiary must have a business or enterprises domiciled and operational in the soil of Nigeria.
- They must have a valid Bank verification Number.
- Beneficiary must also Have a Local Government indigene certificate.
- They must not have been convicted of any financial crime within the last 10 years.
Requirements for those in the formal sector whose businesses are registered:
For all formal business enterprises that are duly registered with the CAC and already operating in the country, the following documents are required to be eligible to access the loan. Such as:
- Evidence of registration with the Corporate Affairs Commission (CAC).
- A business Questionnaire
- List of directors of the business with their Bank Verification Numbers.
- Evidence of regulatory approvals (where applicable)
- Tax identification number (TIN)
Who is Not Eligible For NYIF Loan?
Because of the CBN requirement not everyone is eligible to access this fund. Similarly, if you meet all the requirements giving above, there are some groups of people that the government says are not eligible to access the fund.
- Nigerians already enjoying the Nirsal Microfinance Bank Loan, the Targeted Credit Facility (TCF), and Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS) loans that remain unpaid are not eligible to apply.
- Everyone that applied for other Government loan schemes that defaulted in payment are also not eligible to participate.
How To Apply For NYIF
It is quite easy to apply for this loan if you meet all the requirement I stated earlier. below are complete guide on how to apply using the NYIF loan application portal.
- Step 1. Visit the NYIF Loan application portal
- step 2. Enter your Basic information
- Step 3. Choose a Training Centre
- Step 4. Enter How You Heard About NYIF
- Step 5. Accept The NYIF Terms Of Service
- Step 6. Submit Your Application
1. Visit the NYIF Loan application portal
To apply for the loan visit the >> NYIF official website and click on “Apply Here” afterward.
2. Enter your Basic information
A form will display for you to enter your basic details such as your name, phone number, and BVN
Your BVN will be used to compare the information you provided during registration including your age. So ensure you provide accurate information when signing up.
The portal will also check the date of birth on your BVN to determine if you are within the age bracket that is eligible for the loan.
Also, ensure that you enter your name in the same order as it appears on your BVN otherwise you will get an error.
Image Source: NYIF official website
Pay attention>> How To Check Your BVN Details Online With USSD Code
3. Choose a Training Centre.
Although the NYIF training will be conducted online, however, you still have to choose a training centre depending on the region you are from in Nigeria. The available training centres for the NYIF are as follow:
- Federal Ministry of Youth Sports and Development
See also>> The Complete List Of Banks In Nigeria 2020
4. Enter How You Heard About NYIF
At this stage you will then be asked how you heard about the scheme. There are several options which you can select from. They include:
- NMFB Staff
- Google Ads
5. Accept The NYIF Terms Of Service
In this step, you will have to confirm that you have provided true and correct information by checking a box. In doing this you will be accepting NYIF Terms of service.
6. Submit Your Application
After you have successfully filled the form and accepted the NYIF terms of service, simply click on submit.
You will then get a reply informing on the website that your application has been accepted.
Although, you will not get any mail or text message confirming your NYIF loan application. However, there is no need to be worried about this.
Notwithstanding, know that if you are selected, you will get a text message on your mobile phone number you submitted during registration.
All you have to do is click the link. You will be asked to create a password and also submit your BVN again.
FAQ on NYIF Loan application
Is NYIF Real or Fake?
The Nigeria youth investment fund is real. A total of 75 billion naira has already been approved by the Federal Executive Council. This amount will be provided by the CBN through Nirsal Microfinance Bank.
Investigation conducted by SME Arena also revealed that some applicants have already had their loan approved. Although cash disbursement has not yet started fully.
Is NYIF still ongoing?
Yes the Nigerian Youth Investment Fund is still on and will last till year 2023. Therefore, it is not too late to apply for this youth fund.
Do I Need a Business Plan?
There are several rumours circulating online that a business plan is a requirement for the NYIF. However, after speaking with those whose loan has already been approved. They said they were instead asked to fill a questionnaire with details information about their business including how much loan they are requesting.
If you have any questions about this program, you can ask them in the comments section below. I will be more than happy to help you.