NYIF Update: Eligibility, Training, Loan Range, Disbursement Of Loan.
There is a new update for NYIF Applicants regarding training, eligibility for the loan, loan range and how disbursement of the loan is done.
The NYIF Training is being done via YouTune on a channel named “MindThe_GapNg”, Applicants are been selected to be part of the FMYSD Digital First Economic Recovery Program to Grow their Business starting via invited text message from FMYSD.
Invited applicants will undergo a 5-day training and training is conducted every week for a new set of applicants. If you applied for the NYIF and have not been invited for training, be patient you will be invited when it is your turn as long as you meet their criteria.
FG APPROVES N75B-ACCESS NYIF NOW
The Federal Government has approved the sum of 75 Billion Naira for the immediate take-off the Nigerian Youth Investment Fund (NYIF)
HOW TO ACCESS LOAN
- Must be a citizen of Nigeria
- Present recognized means of identification and guarantors.
- Potential beneficiaries are expected to have a fundable business idea.
- Registered business with CAC
The Loan, whose aim is to meet 500, 000 youths from 2020-2023, ranges approval will range from N250, 000 to N50m with a spread across group applications, individual applications, working capital loan set as one year and term loan set at three years with a single-digit interest rate of 5%.
A minimum of N25 billion each year in the next 3 years, totalling N75billion will be required to ring-fence the NYIF. For the remaining parts of 2020, N12.5 billion will be needed to kick starts the NYIF. It is expected that successive governments will keep the fund alive.
HOW TO QUALIFY?
- It is meant to cater to the investment needs of those 18-35.
- An individual and group can apply for the loan.
WHO FUNDS IT?
- Ministry of Finance, Budget, and National Planning (MFBNP)
- Central Bank of Nigeria (CBN) will provide the financing to kick-start the Nigeria Youth Investment Fund (NYIF).
It would be disbursed through various channels like
- Micro Credit Organizations across the country under the Central Bank of Nigeria supported:
- Bank of Industry
- Fintech Organizations and
- Venture Capital Organizations registered with the CBN.
WHY IT IS DIFFERENT
NYIF provides a single window of Investment Fund for the youth thereby creating a common bucket for all Nigerian youth to access Government support.
Providing less cumbersome access to credit and finance for the average Nigerian youth and help lift thousands of the youth out of poverty and birth a whole generation of entrepreneurs