The Nigeria nation is blessed with peculiar mineral resources and also human power. It is regarded as the largest black nation in the world but has a high rate of unemployment youth.
The Nigeria unemployment rate was at 27% in Q2 2020 four percentage points higher than the 23% reported in Q3 2018, according to the National Bureau of Statistics’ (NBS).
This has become some sort of concern. Many private organisations and the Federal government of Nigeria created differents programmes to resolve the predicament.
Some of the many programmes created by the FG is the N-power and other initiatives.
Meanwhile, during the COVID-19 pandemic, lots of people lost their job which made the government through the Federal Ministry of Youth and Sports Development (FMYSD) create the Nigeria Youth Investment Fund NYIF loan.
What Is Nigeria Youth Investment Fund NYIF Loan
The Nigerian Youth Employment Action Plan was developed by the Federal Ministry of Youth and Sports Development (FMYSD) as a built-in strategy to respond effectively to the youth employment challenge in Nigeria.
It is funded by the Central Bank of Nigeria (CBN) to invest in youth ideas to build sustainable businesses that can activate enterprise and increase job opportunities in Nigeria.
Can N-power Volunteers Apply For Loan?
N-power volunteers are eligible to apply for the Nigeria Youth Investment Fund NYIF loan.
NYIF Loan Eligibility
Every Nigerian youth between the age of 18-35 is eligible to apply for the loan but he or she must own a business to access the fund.
Read Also: How To Apply, Verify Your Email
Loan Requirements
- Beneficiaries must be youth within the age of 18 – 35 years
- The beneficiary must have a business or enterprises domiciled and operational in the soil of Nigeria.
- They must have a valid Bank Verification Number.
- The beneficiary must also Have a Local Government indigene certificate.
- They must not have been convicted of any financial crime within the last 10 years.
Requirements for those in the formal sector whose businesses are registered:
- Evidence of registration with the Corporate Affairs Commission (CAC).
- A business Questionnaire
- List of directors of the business with their Bank Verification Numbers.
- Evidence of regulatory approvals (where applicable)
- Tax identification number (TIN)
How To Apply
Visit the NYIF Loan application portal
The first of the six steps in getting the loan is by visiting the NYIF official website and click apply here.
Enter your Basic information
An online form will be made available for applicants to fill with basic questions to be answered.
Also, some of the questions are the applicants first name and last name and the applicant wiil provide its Bank Verification Number (BVN).
Choose a Training Centre
After filling the form correctly, applicant will be asked to choose their prefarable destination in the six geopolitical zone of the country for training.
Enter How You Heard About NYIF
You will be asked how you heard about the scheme. There are several options which you can select from. They include:
- CBN
- NMFB Staff
- SMS
- Google Ads
Accept The NYIF Terms Of Service
In this step, you will have to confirm that you have provided true and correct information by checking a box. In doing this you will be accepting NYIF Terms of service.
Submit Your Application
After you have successfully filled the form and accepted the NYIF terms of service, simply click on submit.
