CBN's Youth Investment Fund Now Receiving Applications - SME Finance

CBN’s Youth Investment Fund Now Receiving Applications

Youth-owned enterprises can now apply for the N75 Billion Nigeria Youth Investment Fund (NYIF) through NIRSAL Micro Finance bank.

The fund which aims at improving access to finance for youth-owned enterprises wants to generate at least 500,000 jobs in the country between 2020 to 2023.

Nigerian youths within the ages of 18 – 35 can access up to three million Naira (250,000 Naira for individual or unregistered businesses) at an all-inclusive interest rate of five per cent per annum with a maximum tenor of five years and 12 months moratorium.

ELIGIBILITY

To be eligible for the fund your business must meet the following requirements and fall under the following categories:

  • 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
  • Others as may be determined by FMYSD/CBN from time to time

Formal Business Enterprises- Youth Owned Enterprises

  • Duly registered formal business enterprises (Youth owned enterprises) with the Corporate Affairs Commission (CAC).
  • Provision of Business plan Summary / Or Completed Questionnaire.
  • Evidence of Training Certificate from approved FMYSD EDIs.
  • Valid Bank Verification Number (BVNs) of Directors.
  • Provision of Tax Identification Number (TIN)

Informal Business Enterprises (Individual & Sole Proprietors)

  • Must be a Nigerian youth within the age bracket of 18 to 35 years of age.
  • Have an operational business /enterprise domiciled in Nigeria (Note: Those with unregistered business can also apply).
  • Has not been convicted of any financial crime in the last 10 years.
  • Valid Bank Verification Number (BVN).
  • Evidence of Local Government Indigene Certificate

REQUIREMENTS

  • Training Certificate from approved FMYSD EDIs.
  • Evidence of registration with the Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A).
  • Valid Bank Verification Number (BVN) for Individuals and Directors.
  • Evidence of Local Government Indigene Certificate.
  • Duly completed Application form
  • A copy of Birth Certificate
  • Valid Tax Identification Number (TIN).
  • A Summary Business plan / Questionnaire.
  • Valid means of Identification (Voter’s Card, Drivers license, National ID/NIN Slip & International passport).
  • Automated two years bank statement analysis.

HOW TO APPLY

To apply for Nigeria Youth Investment Fund, eligible businesses can submit their applications at https://nyif.nmfb.com.ng/

And to attend the compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs, visit https://www.youthandsport.gov.ng/ for details.

For more information please visit https://nmfb.com.ng/nigeria-youth-investment-fund/

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