Nigeria Youth Investment Fund FAQs » Voice of Nigeria
Nigeria Youth Investment Fund FAQs
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)
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?
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
Is there a moratorium period?
At least, one-year moratorium.
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.
Who is eligible?
A Nigerian youth within the age bracket of 18 to 15 years
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 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 domiciled in Nigeria?
Yes, the Business/Enterprises must be domiciled and operational in Nigeria.
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