NYIF Loan: Steps on How to Apply/Register for N75 billion Nigerian Youth Investment Fund

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NYIF Loan: Steps on How to Apply/Register for N75 billion Nigerian Youth Investment Fund – Are you looking for the steps on how to apply for NYIF Loan 2020? Do you want to know the steps on how to apply/register for NYIF Loan? Are you among those asking this question; when are we going to fill the application form? What about the application form? What is the website, portal or link for NYIF Loan? Places where you can access the NYIF Loan. The answers and more on application for Nigerian Youth Investment Fund (NYIF) Loan are provided in this article. SEE FULL DETAILS ON HOW TO APPLY FOR NYIF LOAN BELOW

The approval of the N75billion Youth Bank loan has rekindled the minds of Nigerian youths as it’s believed to be an assistance especially in this pandemic where there is an increasing rate of unemployment. Indeed, almost all Nigerians are very happy with the innovation.

Though, the NYIF loan has been announced but many do not know how to access, apply or register for the loan. This is the essence of the article and below you would see the full steps and guidelines on how to apply/register for NYIF Loan 2020 successfully.

Contents

Requirements for NYIF Loan Application 2020

How to access NYIF loan include:

Potential beneficiaries are expected to have a fundable business idea.
Registered business
Must be a citizen of Nigeria
Present recognized means of identification and guarantors.
Also, the Ministry of Youth and Sports claim that the safeguards built around some specifics being crafted around the fund will ensure that potential beneficiaries do not need to know anyone or be “connected” to access the fund.

Note: All processes are handled by the Ministry of Youth and Sports Development.

Eligibility/Qualification for NYIF Loan

It is meant to cater to the investment needs of those between the age of 18-35. An individual and group can apply for the loan.

Who provides fund for NYIF Loan?

The Ministry of Finance, Budget and National Planning (MFBNP) and the Central Bank of Nigeria (CBN) will provide the financing to kick-start the Nigeria Youth Investment Fund (NYIF).

NYIF Loan Range

The Loan, whose aim is to meet 500,000 youths from 2020-2023, ranges approval will range from N250, 000 to N50m with a spread across group applications, individual applications, working capital loan set as one year and term loan set at three years with a single-digit interest rate of 5%.

A minimum of N25 billion each year in the next 3 years, totalling N75billion will be required to ring-fence the NYIF. For the remaining parts of 2020, N12.5 billion will be needed to kick start the NYIF. It is expected that successive governments will keep the fund alive.

Disbursement: How NYIF Loan is paid to beneficiaries

It would be disbursed through various channels like Micro Credit Organizations across the country under the Central Bank of Nigeria supported by BOI, Fintech Organisations and Venture Capital Organisations registered with the CBN.

Special fact about NYIF Loan

NYIF provides a single-window of Investment Fund for the youth thereby creating a common bucket for all Nigerian youth to access Government support. Providing less cumbersome access to credit and finance for the average Nigerian youth and help lift thousands of the youth out of poverty and birth a whole generation of entrepreneurs.

NYIF Loan Website/Portal or Link to apply/register and access the Youth Bank Loan

www.youthandsport.gov.ng Or Visit www.nyif.gov.ng

Somebody suggested; ‘That’s a nice idea from the federal government but the age range is the problems why will it be between 25/35yrs of age why not extend it 40 and above. My advice to them is for them extend to at least to 45yrs of age.’

Actually, for now the age limit is still 18 – 35 years, if there is any further update, we shall relate it to you.

NYIF Loan Application form request

Application will be done online but accessibility to the loan will be via the application request form from the disbursement institution mentioned above.

Places where you can access the NYIF Loan and States in Nigeria that can apply for NYIF Loan

The disbursement institutions above are the places to get access to the NYIF loan while the indigenes of the states below can apply:

Abia
Adamawa
Akwa Ibom
Anambra
Bauchi
Bayelsa
Benue
Borno
Cross River
Delta
Ebonyi
Edo
FCT Abuja
Ekiti
Enugu
Gombe
Imo
Jigawa
Kaduna
Kano
Katsina
Kebbi
Kogi
Kwara
Lagos
Nasarawa
Niger
Ogun
Ondo
Osun
Oyo
Plateau
Rivers
Sokoto
Taraba
Yobe
Zamfara