Central Bank of Nigeria (CBN) Seventy Five Billion Naira (N75B) Nigerian Youth Investment (NYIF) NIRSAL Microfinanace Bank Application Form, Requirements, Eligibility, Application Guidelines and Deadline.
Latest Update: The Nigerian Youth Investment Fund (NYIF) has commenced the sending of Mails for Virtual Youth Entrepreneurship Programme (V-YEP) an e-learning platform, the e-learning platform is meant to equip the youths with the needed skills and knowledge to effectively utilize her potentials inline with mission of the Fund to be disbursed.
Applicants who registered for the programme are required to constantly check their mail for invitation and attendance.
The Federal government has officially unveiled the registration portal for the N75 Billion Nigeria Youth Investment Fund (NYIF), thereby paving the way for interested young Nigerians between the age of 18-35 years old to apply.
Successful applicants will undergo 5 days of compulsory online training which is free. Fund approval will range from N250,000 to N5,000,000 with a spread across group applications, individual applications, working capital loans set at 1 year, and term loans set at 3 years.
About the Nigerian Youth Investment Fund (NYIF)
The Nigerian Youth Investment Fund (NYIF) was set up as an initiative of the Federal Ministry of Youth and Sports Development (FMYSD) and 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. The fund is dedicated to investing in the innovative ideas, skills & talents of Nigerian youths aimed at turning them into entrepreneurs, wealth creators and employers of labour, contributing to national development.
The plan targets young people between the ages of 18-35 years and details the needed actions required to support business establishment, expansion and consequent employment creation for youth in critical economic and social sectors.
NB: The NYIF aims to financially empower Nigeria's youth to generate at least 500,000 jobs between 2020 and 2023.
Objectives
a. Access: Improve access to finance for youth and youth-owned enterprises, for national development
b. Employment: Generate much-needed employment opportunities to curb youth restiveness.
c. Training: Boost the managerial capacity of the youth and develop their potential to become the future large corporate organizations.
Eligibility
Individuals / Non-registered Businesses
- Individual within the age bracket of 18 to 35 years
- Has a valid BVN and means of ID
- Provision of Business plan Summary or Completed Questionnaire
- Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs)
Registered Businesses
- Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)
- Business plan Summary or Completed Questionnaire
- Valid Bank Verification Number (BVNs) of Directors
- Provision of Tax Identification Number (TIN)
- Entrepreneurship Training Certification from FMYSD EDIs
Application Guidelines
Get Trained
Applicants to attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs
STEP 2
Apply for Loan
Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.
STEP 3
Submit An Application
Eligible applicants submit applications successfully on NMFB’s portal.
STEP 4
Approval
NMFB conducts loan assessment in line with Risk Assessment Criteria and programme guideline, make appropriate decision and forward recommended applications to CBN for final approval.
STEP 5
Disbursement
CBN reviews applications and gives final approval for disbursement to NMFB.
Frequently Asked Questions (FAQ)
What is the interest rate?
- Interest rate under the intervention is 5% per annum (all inclusive).
How long is the loan for?
- Term loans have a maximum tenor of not more than 5 years.
How much can I access?
Households: Can access a maximum of N3 million
Loan amount to SMEs shall be determined based on the activity, cashflow and industry/segment size of beneficiary, subject to a maximum of N25 million.
Working capital shall be a maximum of 25% of the average of the previous 3 years’ annual turnover. (where the enterprise is not up to 3 years in operation, 25% of the previous year’s turnover will suffice).
Is there a Moratorium period?
- At least, one-year moratorium.
How much can I access?
- Individual / Non-registered Businesses: Can access up to ₦250,000.00
- Registered Businesses (Business Name / Limited Liability / Cooperative Societies/ Commodities Associations): Can access up to ₦3,000,000.00
Can someone currently enjoying any CBN intervention fund access this loan?
- No, you cannot access this facility except previous CBN intervention loan(s) has been fully repaid.
Do I need a collateral to access this Loan?
- No, but all assets purchased under the scheme must be registered with the National Collateral Registry (NCR. Also, the Global Standing Instruction (GSI) mandate will be activated to ensure full repayment by loan obligor.
A Nigerian Youth who falls within the age bracket of 18 -35 years
- Individual / Non-registered Businesses: Can access up to ₦250,000.00
- Registered Businesses (Business Name / Limited Liability / Cooperative Societies/ Commodities Associations): Can access up to ₦3,000,000.00.
Where can I get trained?
- Visit the nearest approved Federal Ministry of Youth & Sport Development (FMYSD) Entrepreneurship Development Institute (EDIs) or www.youthandsport.gov.ng.
Can any NIRSAL MFB approved EDIs train applicants for this programme?
- No, the NIRSAL approved Entrepreneurship Development Institute EDIs are not eligible to train any applicants under this scheme, except they are listed by the FMYSD.
Do I need a Bank Verification Number BVN to apply?
- Yes, a valid Bank Verification Number (BVN) is required.
What valid means of identification do I need?
- Any valid means of Identification such as Driver’s license, National ID & International passport.
Does my Business or Enterprise need to be domiciled in Nigeria?
- Yes, the Business/Enterprises must be domiciled and operational in Nigeria
Deadline:
- Not Specified.
CBN N75 Billion Nigerian Youth Investment Fund (NYIF) Application Summary 2020/2021
| PRODUCT NAME | CBN N75 BILLION NIGERIA YOUTH INVESTMENT FUND (NYIF) |
| BUSINESS UNIT | CREDIT HQ |
| DATE | OCTOBER 2020 |
| PRODUCT CODE | CBN-NYIF |
| PRODUCT DESCRIPTION | This product is designed to improve access to finance for youth and youth-owned enterprises for National development |
| TARGET MARKET | The fund is targeted to financially empower Nigeria youth to generate at least 500,000 jobs in the country between 2020 to 2023 |
| DOCUMENTATION REQUIRED | • Training Certificate from approved FMYSD EDIs • Evidence of registration with 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. |
| GLOBAL LIMIT | ₦12.5 billion |
| FACILITY TYPE | Term Loan |
| SINGLE OBLIGOR LIMIT | Individual / Non-registered Businesses: Up to ₦250,000.00 Registered Businesses (Business Name / Limited Liability / Cooperative Societies/ Commodities Associations): Up to ₦3,000,000.00 |
| LOAN TENOR | Maximum of 5 years |
| MORATORIUM | Maximum of 12 months |
| SECURITY FEATURES | • Execution of letter set – off (required to activate the Global Standing Instruction [GSI]) • Execution of Offer Letter • Execution of letter of domiciliation of sales proceed where applicable • Registration immovable and movable asset on National collateral registry (NCR) where applicable |
| ELIGIBILITY | FORMAL BUSINESS ENTERPRISES- Youth Owned Enterprises • Duly registered formal business enterprises (Youth owned enterprises) with 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 PRORIETORS) • 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 |
| INELIGIBILITY | • Beneficiaries of NMFB loans (such as Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS) that remain unpaid are not eligible to apply • Beneficiaries of other Government loan schemes that remain unpaid are not eligible to apply | |
| ELIGIBLE ACTIVITIES/ BUSINESSES | • 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 |
| TERMS & CONDITIONS | • Acquired immovable and movable collateral options shall be registered under the National Collateral Registry (NCR) • Execution of Offer Letter • Execution of GSI Mandate • Forfeiture Undertaking and Power of Attorney agreement to be signed by customer, giving NMFB rights to take over pledged assets in instance of loan default. • Loan amount must match loan repayment and loan purpose. |
| PRICING | • 5% p.a (All inclusive) |
| REPAYMENT STRUCTURE | Repayment would be on instalment basis in line with businesses and NMFB credit evaluation |
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