Here’s what you need to know about nyif official website, how to apply for nyif loan, loan portal, website, loan application portal, loan registration and application form.
I am sure you on this page because you want to know more about the Nigeria youth investment fund requirements and application. well, you are in the right place because this article will give you everything you need to know about the newly approved 75 billion naira loan program from the Federal government to the Nigerian youth for startups and business expansions.
If you read this article to the end I am sure you will be able to know how beneficial this program will be to you instead of being scared if it is true or false.
NYIF Loan programme 2023
NYIF has the full meaning of Nigeria youth investment fund and this is a Federal government initiative that has been set up to make sure that there is enough provision of financial support to Nigerian citizens must especially the youths that own several businesses in the country. So it is very important that you note this fund program is a loan from the Nigerian government to support the youth of the country that are starting up their businesses or already have a business that they want to fund. there are several Nigerian youths that want to start up businesses but lack the money to do that and that is why this program is being set up and basically, by the entitlement of citizenship, all Nigerian youth should be eligible for this program. The federal ministry of youth and sports development developed the action plan for this loan scheme and this has the idea of setting up a youth bank that has phones that are easily accessible to the Nigerian youth in order to expand or start-up their businesses.
This program should not be taken lightly because the federal executive council especially set aside 75 billion naira for this project and it was provided by the Central Bank of Nigeria using the approval of the executives. The Nigeria youth investment fund has a loan provision for over 500000 Nigerian youths for up to three years and this is ranging from 2020 to 2023. this means that this loan program has already started running in 2020 and is expected to end in 2023 and annually the total sum of 25 billion naira will be released from this program to the youth that need it.
NYIF Loan Eligibility
in this part of the article, I’ll tell you the people that are eligible to apply for this loan program and how to easily get it.
This program is accessible to all youths irrespective of the formal or informal enterprises that they operate. However, there are some requirements listed by the Central Bank of Nigeria on how to access the newly approved 75 billion naira Nigeria youth investment fund and they include:
- Beneficiaries must have a local government indigene certificate.
- The beneficiary must hold a valid bank verification number (BVN).
- The beneficiary must not hold any criminal records in the past 10 years.
- Beneficiaries must be youth that is between 18 to 35 years.
- Beneficiaries must own a business that is operational in Nigeria.
this requirement especially for those that are in the informal sectors where they have businesses that are not registered with the corporate affairs commission but if you are in the formal sector, these are the requirements needed:
- A business questionnaire
- Tax identification number (TIN)
- Evidence of regulatory approvals needed.
- List of business directors with their BVN numbers.
- Registration certificate with the corporate affairs commission (CAC)
Disqualification for NYIF loan program
Unfortunately in every program, there are always those that are not qualified to participate and this also applies to this loan program from the Federal government. this means that you might have all the necessary requirements and still not be eligible for this loan because there are some groups that have been marked out by the government as being ineligible for this fund and they include:
1. Those that are already participating in the NMFB loan (Nirsal Microfinance Bank loan), agribusiness small and medium Enterprise investment scheme loans (AgSMEIS), the Targeted Credit Facility (TCF).
2. those that are already in the application process and are yet to receive from all the government loan programs and not eligible to participate in this loan program.
NYIF loan amount
With this Federal government loan program, registered businesses can get as much as 3 million naira loans while unregistered businesses can get a maximum of 250 thousand naira loan.
Is NYIF loan programme Real/Legit?
yes, the Nigerian youth investment fund is real and approved by the Federal government. like I said in the earlier part of this article a total sum of 75 billion naira has been provided by the federal executive council through the Central Bank of Nigeria that will last a span of three years up to 2023. There are people whose loans are already approved while some have not, dependent on your eligibility status.
NYIF official website and loan application portal
The official website for the NYIF registration and loan application is https://nyif.nmfb.com.ng
After accessing the website, click on “Apply”.
NYIF loan registration and How to apply for NYIF loan
Input your required details like your name, BVN, and phone number.
Any of the details you gave during registration, such as your age, will be connected to your BVN. As a result, when you sign up, make sure you have the correct details.
The portal will use the date of birth on your BVN to decide whether you are eligible for the loan based on your age.
Often, make sure you type your name in the same order as it appears on your BVN, otherwise, you will receive an error.
Choose A Training Center.
Despite the fact that the training will be conducted online, you will need to choose a training center based on your location. The following are the NYIF training centers that are officially available.
National Youth Development Center (North-Central)
National Youth Development Center (North-West)
National Youth Development Center (North-East)
National Youth Development Center (South-East)
National Youth Development Center (South-South)
National Youth Development Center (South-West)
Federal Ministry of Youth Sports and Development
How did you hear About NYIF?
After that, you’ll be asked how you found about the program. You have many choices from which to choose. they consist of
Accept The NYIF Terms Of Service
By checking a box, you can confirm that you have given true and accurate information in this phase.
Submit Your Application.
Simply click submit once you’ve finished filling out the form.
After that, you will receive a response stating that your application has been approved. While you will not receive a mail or text message confirming your submission, you should not be concerned because this is entirely normal.