If you are below 35 years of age and have been looking for an easy way to access a cheap loan for your small and growing business in Nigeria, you might want to give the NYIF loan application portal a try.

NYIF is an acronym for National Youth Investment Fund, an initiative of the federal government designed to provide a credit facility of up to N3 to qualified applicants who are proven talents, creative ideas that could become thriving businesses and employers of labour.

The following are the objectives of the scheme:

• Improve access to fund for business operated and owned by Nigerian youths.
• Generate employment opportunities
• Boost the managerial capacities of youth and potential to become owners of enterprises.

NYIF Loan Target Industries/Sector:

• Technology/ Innovation
• Agriculture and related value chain
• Green Economy and Renewable energy sector
• Manufacturing
• Hospitality/ Tourism
• Construction
• Logistics and supply chain
• Healthcare value chain
• Ceative sector

Is NYIF Portal Open?

The NYIF portal registration is still ongoing and currently accepting applications at http://nyif.nmfb.com.ng/ from interested applicants who need funding for their creative ideas or business in Nigeria.

Who is Eligible for NYIF Loan Application on the Portal:

• Individual or Unregistered Business
  • Must be between the age of 18 to 35.
  • A valid BVN and means of identifications.
  • Submit a business plan
  • Should an a certificate of entpreneurship training.
  • Evidence of local government indegenes.

• Registered Business
  • Formally registered with Corporate Affairs Commission (CAC)
  • Submit a summary business plan
  • Tender valid BVN of the directors.
  • Provision of Tax identification number.
  • Entrepreneurship certification from FMYSD EDIs.

Before you proceed to register, your NYIF application may be declined if you fall in one of the following terms.

• You are beneficiary 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

How NYIF Loan Application Works:

• Applicants to attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs
• Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.
• Eligible applicants submit applications successfully on NMFB’s portal.
• 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.
• CBN reviews applications and gives final approval for disbursement to NMFB

Some important information you should know about the NYIF loan application for Nigerian youths:

• The interest rate charge per annum is 5%
• The loan tenor is for a maximum of 5 years.
• You can access up to N3miilion for household and N25 million as a small business but not more than 25% of your average turnover for 3 years.
• Individuals currently under CBN intervention fund aren’t allowed to access the NYIF loan.
• You’d be trained at Federal Ministry of Youth & Sport Development (FMYSD) Entrepreneurship Development Institute (EDIs
• The acceptable means of identifications are Driver’s license, National ID & International passport.
• You business must be operational or be located in Nigeria.