As a business owner in Nigeria, getting access to funds for your business can be a struggle but the Nigeria Youth Investment Fund (NYIF) 2021 is here to help.
Through this loan channel, business owners can access loans between N250,000 and N3 million.
In response to the growing unemployment situation in the country, the Ministry of Youth and Sports Development (FMYSD) created the Nigerian Youth Employment Action Plan
This is one of the many programmes created by the government to respond to the rising level of unemployment in Nigeria.
Nigerian citizens aged 18-35 years can get access to this fund needed to grow their businesses.
The initiative received the sum of N75 million, as approved by the Federal Executive Council (FEC) in July 2020.
The plan was to create a funding channel that would run for a period of three years; investing in the bristling business hub in the country.
According to the ministry of youths, the aims of the scheme include: boosting the managerial abilities of young Nigerians to help them grow their businesses into larger corporations. Create more employment. And improve access to funding for young business owners in the country.
The ministry added that it hoped to create nothing less than 500,000 jobs in the country between 2020 and 2023.
NYIF Financial Facilities
Individual or unregistered businesses: people in this category will get up to the sum of N250,000 and will be based on the nature of the project.
Registered businesses: people in this group will get access to funds to the tune of N3 million, and funding will be subject to observation of the project’s nature.
Who Is Eligible for the NYIF 2021?
Most employed Nigerians are in the informal sector, and the goal of the ministry is to switch these individuals over into the formal sector where they can get full support and get bankable track records.
Requirements:
- You must have a running business in Nigeria.
- You must fall between the ages of 18 and 35.
- You must not have had a financial criminal record within the last 10 years.
- You must possess a Bank Verification Number (BVN).
5.You must have a Local Government Indigene Certificate.
Document you need to apply
- Business questionnaire.
- EVidence of business registration with the Corpoarte Affairs Commission (CAC); (Certificate of Incorporation and Form CAC 2A).
- Have a Tax Identification Number (TIN).
- List of Directors with BVN numbers.
- Provide proof of regulatory approvals (if needed).
Others eligible to apply are cooperative societies that are registered with relevent government agencies.
Other Benefits of the NYIF 2021 Programme
All applicants of the programme must undergo entrepreneurship training approved by the youth ministry.
Businesses in the following industries are eligible to apply:
Manufacturing;
Construction;
Technology/innovation;
Green economy and renewable energy;
Hospitality and tourism;
Logistics and supply chain;
Creative industry;
Healthcare value chain;
Trading and services;
Agriculture and related value chain;
Otehr businesses under the purview of the CBN/NYIF may be chosen.
The scheme will prioritise businesses that will support the growth of what is deemed as priority sectors by the Nigerian Youth Employment Action Plan and the Economic and Recovery Growth Plan (ERGP).
How To Apply
For interested applicants, all you need to do to apply for the NYIF scheme is to visit this link
 2021 is here and we will be showing how to go about applying for the...){kind=link}