By Praise Akora
The Nigerian government has officially unveiled a transformative initiative aimed at empowering the nation’s youth— the New Youth Investment Fund (NYIF) Scheme. With an approved budget of up to ₦500 billion over the next five years, the NYIF is set to become a catalyst for economic growth by providing financial support to youth-led businesses and startups across the country.
On August 15, 2024, the Federal Executive Council (FEC) greenlit the NYIF, signaling the government’s commitment to fostering innovation and reducing unemployment among the younger population. Dr. Jamila Bio-Ibrahim, the Minister for Youth and Sports Development, emphasized that this initiative is designed to give young Nigerians access to grants, loans, and equity investments. “The primary goal is to foster entrepreneurship, reduce youth unemployment, and encourage economic participation among Nigerian youth,” she stated.
Eligibility Criteria
To access the opportunities provided by the NYIF, applicants must meet the following requirements:
- Age: Must be between 18 and 40 years old.
- Citizenship: Must be a Nigerian citizen.
- National Identification Number (NIN): A valid NIN is mandatory.
- Economic Contribution: Applicants must demonstrate a willingness to contribute to Nigeria’s economic development.
- Business Plan: Applications are open to individuals and groups. The business must be registered with the Corporate Affairs Commission (CAC), and a detailed business plan outlining the idea’s viability and growth potential is required.
- Bank Verification Number (BVN): A valid BVN is necessary.
- Bank Account: A functional bank account in any Nigerian bank is required.
Application Process
Applying for the NYIF is straightforward. Here’s a step-by-step guide:
- Online Registration: Create an account on the NYIF portal (www.nyif.nmfb.com.ng) by providing basic personal and business information.
- Complete the Application Form: After registration, fill out the online application form, which includes detailed business information, financial projections, market analysis, and strategy.
- Upload Documents: Provide the necessary documents, including a copy of your NIN, business registration certificate (if applicable), a detailed business plan, and proof of business ownership (if already established).
- Submit Application: Review and submit your application online.
- Training: Applicants must complete entrepreneurship training certified by the Federal Ministry of Youth and Sports Development. If you haven’t completed this training, you’ll be directed to attend an online session.
- Review and Verification: After submission, your application will undergo a review and verification process to ensure accuracy and compliance with the fund’s requirements. This process can take 4-6 weeks.
- Funding Decision and Disbursement: Successful applicants will receive funding based on their business needs and the quality of their business plans.
Loan Repayment Terms
The NYIF offers flexible repayment terms:
- Tenure: Repayment can be made over 1 to 5 years, depending on the loan amount and business type.
- Repayment Schedule: A repayment plan will be provided after a moratorium period, detailing monthly or quarterly payments.
- Repayment Methods: Payments can be made via direct bank transfers, mobile banking, and other electronic methods.
Accessing Your Funds
Once your NYIF loan is approved, follow these steps to withdraw the funds:
- Notification: You’ll receive an approval notice via email or SMS.
- Account Verification: Ensure your provided bank account details are accurate and active.
- Disbursement: Funds will be deposited directly into your verified bank account.
- Utilization: Use the funds according to your business plan to remain compliant with the loan terms.
For more information and to get started on your entrepreneurial journey, visit the NYIF portal at www.nyif.nmfb.com.ng today.
