Recently updated on October 25th, 2023 at 08:24 am
Last Updated on October 25, 2023
The NYIF loan program in Nigeria is here to support young entrepreneurs with loans up to N3 Million Naira. Getting your application approved takes time, but it’s worth the wait. In this article, we’ll guide you through the steps and answer common questions about NYIF loan approval. So, let’s start your journey to financial success.
NYIF, or Nigeria Youth Investment Fund, is a CBN-funded initiative by the Federal Ministry of Youth & Sports. It’s aimed at empowering youth and creating jobs in Nigeria. We’ll cover everything about the NYIF loan process, from applications to requirements and training. Let’s get started!
How to Check NYIF Loan Approval (Status Check)
You can check the status of your NYIF loan by logging into the NYIF portal with your account. Any updates on NYIF would usually be on the portal.
The Nigeria Youth Investment Fund popularly known as NYIF loan is a product designed to improve access to finance for youth and youth-owned enterprises for National development in Nigeria.
The Nigeria Youth Investment Fund is an initiative of the Federal Ministry of Youth & Sports funded by the CBN through NIRSAL Microfinance Bank.
Nigeria Youth Investment Fund is an N75 Billion fund whose target is to financially empower Nigeria’s youth and to generate at least 500,000 jobs in the country between 2020 to 2023.
It’s one of the initiatives by the CBN to improve innovation, raise the entrepreneurial spirits of Nigerian youths and create a cycle of job creation.
In this post, we will talk about all the moving parts of the NYIF loan procedure – Application, requirements, training and everything else. Strap your seat belt and let’s go!
5% p.a (All inclusive) Repayment structure. Repayment would be on an instalment basis in line with businesses and NMFB credit evaluation.
How Much is the NYIF Loan?
NYIF gives out N250,000 Naira – N3,000,000 Naira to beneficiaries between the age of 18-35 years.
- Individual / Non-registered Businesses can get up to ₦250,000.00
- Registered Businesses (Business Name / Limited Liability / Cooperative Societies/ Commodities Associations): Up to ₦3,000,000.00
How to Apply for NYIF Loan
To apply or register for the NYIF Loan, follow these steps:
- Visit the NYIF portal at nyif.nmfb.com.ng Fill in the required details
- Then submit your application – it ticks “good” after submission
- Visit NYIF Portal www.nyif.nmfmb.com.ng to register.
- Sign up and fill in the information required of you such as your name, BVN, residence details, state of origin, training centre etc.
- Accept the terms and conditions shown
- Submit your application
- If your submission was successful, you’ll be told.
- Once you have created an account, you can proceed with the application process.
Note: The NYIF Application form or process is free of charge.
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People between the age of 18 to 35 years are eligible for the National Youth Investment Fund. They can be individuals or entities that own formal business enterprises.
Other requirements for a Formal business entity might include:
- Duly registered formal business enterprises (Youth owned enterprises) with Corporate Affairs Commission (CAC)
- Provision of a Business plan Summary / Or a Completed Questionnaire
- Evidence of Training Certificate from approved FMYSD EDIs •
- Valid Bank Verification Numbers (BVN) of Directors or individual
- Provision of Tax Identification Number (TIN).
Requirements for Informal Business Enterprises (INDIVIDUAL and Sole PROPRIETORS) are:
- 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 businesses 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
NYIF Loan Application – Form & Requirements
Here are the requirements to be granted the NYIF loan after application:
- Training Certificate from approved FMYSD EDIs
- Evidence of registration with the 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 your 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.
Those who are ineligible for NYIF loan are:
- Beneficiaries of NMFB loans (such as Targeted Credit Facility (TCF)
- 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
The businesses or activities eligible for the National Youth Investment Fund are:
- Technology/ Innovation
- Green Economy
- Renewable energy sector
- Hospitality/ Tourism
- Logistics and supply chain
- Healthcare value chain
- Creative sector
- Trading and Services
- Others may be determined by FMYSD/CBN from time to time
Is NYIF Real or Fake?
NYIF is a real program by the Central Bank of Nigeria to breed more entrepreneurs in the country and create a job creation cycle.
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Is NYIF a Loan or a Grant
The NYIF Loan is a loan and not a grant as the beneficiaries are required to at a maximum of 5 years with a tenor extension (moratorium) of 12 months.
NYIF Loan Tenor & Moratorium
NYIF loan as a Maximum tenor of 5 years and a loan moratorium of a Maximum of 12 months
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Yes, the program runs until 2023. However, it is done in batches. Currently, the NYIF portal is open for applicants.
There are a lot of people trying to log in to the portal at the same time, so you might experience some issues, but keep trying till you can log in.
After applying for the NYIF Loan through the portal you’ll be sent a training invitation message by the Federal Ministry of Youth and Sports (FMYSD) to join the group or online training class (E-Training or Learning) or a centre. The portal link for the NYIF Training is also included in the SMS sent by FMYSD.
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National Youth Investment Fund training centres/venues are:
- National Youth Development Centre (North-Central)
- National Youth Development Centre (North-West)
- National Youth Development Centre (North-East)
- National Youth Development Centre (South-East)
- National Youth Development Centre (South-South)
- National Youth Development Centre (South-West)
- Federal Ministry of Youth Sports and Development
NYIF training is a free and compulsory part of the National Youth Investment Fund (NYIF) scheme where you’re taught about the importance of the fund and entrepreneurial skills so you can make good use of the loan.
The NYIF training is done by the Federal Ministry of Youth and Sports (FMYSD)and the training last for 5 days.
Note: The NYIF Loan Training can only take place if you have uploaded your business plan.
NYIF Loan portal
The NYIF Loan portal is — nyif.nmfb.com.ng
How can I find my NYIF Password?
If you can’t remember the password you used for your NYIf loan application, here’s how you can find your password:
- Log on to the NYIF login portal
- Then click the “Forgotten password” option
- A link will be sent to the email you signed up with for the NYIF loan, Click the link
- Then input any password of your choice
- Then check the email address you sign up with. You should receive a mail with a link in it. Click the link. The next option is left for you to choose any password of your choice.
During your NYIF application process, you’ll be asked to verify the email you used to apply for the NYIF loan. To do so follow these steps:
- Login to your Email Address used to apply for NYIF
- Go to your Email Inbox.
- You should see an Email from NYIF saying you should verify your email through the link contained in the mail
- Click on the link
- Then, you’ll be directed to the NYIF Loan Application Portal.
- Fill out the information requested for and Submit it.
Has NYIF Loan Started Paying?
Based on the accounts of some people, they’ve been paid their NYIF loan already. If you’ve done all that is required and gone through the NYIF training, you might have to be patient to receive payment as it is done in batches.
How do I find the Shortlisted Candidate for NYIF?
There is a publicly published candidate shortlist for NYIF. If you’re approved for the training or the loan itself you’ll be sent an SMS saying so.