75billion naira was approved on July the 22nd, 2020, by the Federal Executive Council for the creation of the Nigerian Youth Investment Fund, or NYIF. This scheme will run for 3 years, from 2020 to 2023, and it was established to invest financially in Nigerian youths, giving
them access to funds that they can use to explore their innovative concepts, talents, and skills; and enable them to establish sustainable businesses.
The Central Bank of Nigeria (CBN), stated that the NYIF’s main goal is to give financial empowerment to the Nigerian youths, to create at least 500,000 jobs in the 3 years that the fund will run. NIRSAL Microfinance Bank (NMFB) will be managing the scheme, i.e. handling
disbursements of the money to eligible applicants.
Who Qualifies for the NYIF?
Owners of formal and informal businesses can apply for the NYIF. Now, for individuals or sole owners of informal businesses, the eligibility criteria are;
• You must be 18 – 35 years old
• Your business must be based and operating in Nigeria
• You haven’t been charged with any financial crimes in the last 10 years
• You have a valid BVN
• You own a Local Government Indigene Certificate (also known as a certificate of origin)
Owners of formal businesses that have been registered with the CAC (Corporate Affairs Commission) must have these to qualify,
• Your CAC certificate
• A business questionnaire
• The list of your Board of Directors (with their BVNs)
• Your Tax Identification Number (TIN)
• Proof of regulatory approvals where necessary
Properly registered cooperative societies (still within the ages of 18 -35) can also apply for this loan.
If you own an unregistered business, i.e. an informal business, you are eligible for up to N250,000, while registered businesses are eligible for up to N3million, with an interest rate of 5% per annum.
Who Doesn’t Qualify for the NYIF?
• If you are currently using an NMFB loan, including the Targeted Credit Facility loan and the AgSMEIS loan, you cannot apply for this one
• If you took a loan from any government loan schemes and are yet to pay them off, you cannot apply for this loan.
To apply for the NYIF, go here.
For more information about the eligibility criteria, go here