The Nigeria Youth Investment Fund (NYIF) is not a grant, it’s an intervention but a loan. As of today, there are over three million applications for this program. Since everyone can’t be trained, there are new changes in the application process.
Filling out the application form and of course business development plans, which tells us more about your intended business or available business. This form will come as a questionnaire to guide against copy and paste. This questionnaire interrogates applicants and their businesses which will help us determine who is qualified for this intervention fund.
Next is an assessment of all the questions you have answered previously and then the selection of beneficiaries into batches for training.
Note: The moment you are informed of getting the training after taking the assessment it means you close to getting the loan.
After training, all names will be sent to Nirsal Microfinance bank where all processes will be concluded and disbursement will be made.
A guarantor with a BVN who can pay back the loan should you fail to pay.
The loan comes with a 12-month moratorium. That is if you are giving the loan, for the first 12 months you are not expected to pay. After the first year, you are expected to do a repayment in the next two years at an interest rate of just 5 percent.
Have you applied? Visit > https://nyif.nmfb.com.ng/
In the just-concluded Zoom Town hall meeting with the Permanent Secretary of the Ministry of youth and sport and the MD of NIRSAL MICROFINANCE BANK regarding the NATIONAL YOUTH INVESTMENT FUND (NYIF), the followings are highlights of the meeting :
Starting from Monday 30th November, All applicants will be able to upload their business plans on the NYIF portal.
Your qualification for the fund will be determined by your business plan, so is the amount to be approved for your business.
The ministry has changed the process of application to the following 3 basic steps:
1.Registration and uploading of the business plan.
Unlike how it is before, now, It is after your business plan upload you’ll be invited for training if your business plan is worthy of funding.
There are higher chances of your business being funded if you make it to training, About 90% of applicants selected for the training will become beneficiaries.
If selected for the training, you’re already 90% qualified for the loan.
You will need one guarantor if selected to benefit.
You can apply as a group or cooperative, but only one person representing others must fulfill all the eligibility conditions.
The maximum accessible amount is 3m, the lowest is 250k.
The Interest Rate is 5%.
Moratorium is 12 months
Loan tenure is 36 months.
A bill is already being prepared to be sent to the National assembly to pass the NYIF into law so as to ensure its continuity with successive governments.
Accessing the fund, from application to disbursement is 3 to 6weeks.
You’ll need to be a formally registered business to access above 500k. Otherwise, you’ll only access between 250,000 to 500,000 Naira.
Survival fund beneficiaries are eligible
Covid-19 TCF household beneficiaries will be made eligible. thanks
NB: Endeavor to get a good business plan available if you’ve registered or planning to register.