2020 Federal Government of Nigeria Youth Investment Fund (NYIF) for young Entrepreneurs


12 comments
Categories : Uncategorized

AN INITIATIVE OF THE FEDERAL MINISTRY OF YOUTH  AND SPORTS DEVELOPMENT FUNDED BY THE CENTRAL BANK OF NIGERIA

Nigerian Youth Investment Fund NYIF is a government initiative created to boost the Nigerian economy through leverage and access to finance for youths. The fund hopes to serve as a catalyst to unleash the potential of the youth and enable many of them build businesses that will increase the employment rate.

Nigerian Youth Investment Fund NYIF is a government initiative created to boost the Nigerian economy through leverage and access to finance for youths. The fund hopes to serve as a catalyst to unleash the potential of the youth and enable many of them build businesses that will increase the employment rate.

Requirements

  • 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.
  • The Federal Executive Council on the 22nd of July, 2020 approved the sum of N75,000,000,000.00 (seventy five billion naira) for the establishment of the Nigeria Youth Investment Fund for the period of 2020 – 2023 dedicated to investing in the innovative ideas, skills and talents of Nigerian Youth, and to institutionally provide our youth with a special window for accessing much needed funds, finances,
    business management skills and other inputs critical for sustainable enterprise development.
  • FMYSD is the lead implementation entity and is responsible for budgetary provisions and for funds mobilization.

Target

  • The NYIF aims to financially empower Nigeria youth to generate at least 500,000 jobs between 2020 and 2023.

Seed Capital

– The NIRSAL MFB window shall be funded with an initial take-off seed capital of N12.5 billion.

Participating Financial Institution
The eligible participating financial institution for the Scheme is NIRSAL Microfinance Bank (NMFB).

Eligibility Criteria

Informal Business Enterprises (Individuals and Sole Proprietors) A huge percentage of youth are engaged in the informal sector. Accordingly, the NYIF will facilitate the transition of informal enterprises owned by youth into the formal mainstream economy where they can be supported comprehensively, build a bankable track record; and be accurately captured as active participants in
economic development. An eligible youth must fulfill the following conditions:

(i) Be a youth within the age bracket of 18-35 years.
(ii) Have business/enterprises domiciled and operational in Nigeria.
(iii) Has not been convicted of any financial crime in the last 10 years.
(v) Has a valid Bank Verification Number (BVN)
(vi) Possess Local Government Indigene Certificate.

Formal Business Enterprises (Youth Owned Enterprises)
These are enterprises that are legal entities duly registered with the Corporate Affairs Commission (CAC). Documents Required:

(i) Evidence of registration with Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A);
(ii) Business questionnaire;
(iii) List of Directors with BVN nos.;
(iv) Evidence of regulatory approvals (where applicable);
(v) Tax Identification Number (TIN).

Ineligible Applicants

– Applicants currently enjoying NMFB loans, including the Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS) loans that remain unpaid are NOT eligible to apply.
– Beneficiaries of other government loan schemes that remain unpaid are also not eligible to participate.

Moratorium

– Moratorium of up to 1 year may be allowed depending on the nature of the business and the assets acquired.

Interest Rate

– Interest rate under the intervention shall be at not more than 5% per annum (all inclusive).

Training

Applicants shall undergo a compulsory entrepreneurship training arranged or approved by the Federal Ministry of Youth and Sports Development.

Eligible Activities/Businesses
Legally allowed activities in the sectors or focal areas listed below shall be eligible:
(i) Technology/ Innovation;
(ii) Agriculture and related value chain;
(iii) Green Economy and Renewable energy sector;
(iv) Manufacturing,
(v) Hospitality/Tourism;
(vi) Construction;
(vii) Logistics and supply chain;
(viii) Healthcare value chain,
(ix) Creative sector and
(x) Trading and Services.
(xi) Others as may be determined by NYIF/CBN from time to time.

Types of Facilities

Term Loan (for asset acquisition/improvement)
(i) Individual (Unregistered business)
Shall be determined based on activity/nature of project subject to the maximum of N250,000

(ii) Registered Businesses (Business name, Limited Liability, Cooperative, Commodity Association shall be determined by activity/nature of project subject to the maximum of N3.0 million (including working capital).

Note: Immovable assets acquired with the loan must be registered with the National Collateral Registry (NCR)

For more information, visit:   https://nyif.nmfb.com.ng/

Follow Us on Social Media:
Share this post

12 comments on “2020 Federal Government of Nigeria Youth Investment Fund (NYIF) for young Entrepreneurs

    Fashion Styles

    • September 11, 2021 at 11:14 pm

    Great work! This is the type of information that should be shared around the web. Shame on Google for not positioning this post higher! Come on over and visit my web site . Thanks =)

      admin

      • September 30, 2021 at 12:50 am

      Thanks for the compliment!

    Beauty Fashion

    • September 14, 2021 at 1:03 pm

    I mastered more new things on this losing weight issue. One particular issue is a good nutrition is very vital while dieting. A huge reduction in bad foods, sugary food, fried foods, sugary foods, beef, and white colored flour products may perhaps be necessary. Having wastes organisms, and contaminants may prevent desired goals for losing weight. While certain drugs momentarily solve the issue, the terrible side effects are not worth it, and so they never supply more than a short-term solution. It is a known indisputable fact that 95 of diet plans fail. Many thanks for sharing your ideas on this blog.

      admin

      • September 30, 2021 at 12:49 am

      Thanks for the compliment!

    Fashion Styles

    • September 15, 2021 at 3:50 am

    Hey There. I found your weblog the usage of msn. This is a really smartly written article. I抣l make sure to bookmark it and come back to learn more of your helpful information. Thank you for the post. I will definitely comeback.

      admin

      • September 30, 2021 at 12:49 am

      Thanks for the compliment!

    Fashion Styles

    • September 17, 2021 at 1:23 pm

    Thank you, I have just been searching for information approximately this subject for a long time and yours is the greatest I have came upon so far. However, what in regards to the conclusion? Are you certain in regards to the supply?

      admin

      • September 30, 2021 at 12:49 am

      Thanks for the compliment!

    Hairstyles

    • September 17, 2021 at 1:32 pm

    Hi there! Do you use Twitter? I’d like to follow you if that would be okay. I’m absolutely enjoying your blog and look forward to new posts.

      admin

      • September 30, 2021 at 12:48 am

      Thanks for the compliment!. You can follow me @ https://twitter.com/MClinic247.

    Hairstyles

    • September 17, 2021 at 7:31 pm

    Great post. I used to be checking continuously this blog and I am inspired! Very helpful info specially the closing section 🙂 I care for such info much. I used to be looking for this particular information for a very long time. Thanks and best of luck.

      admin

      • September 30, 2021 at 12:47 am

      Thanks for the compliment!

Leave a Reply

© ABDEFF Academy®. All Rights Reserved.

%d bloggers like this: