×
logo
logo

Would you like to receive notifications for Breaking news and updates?

  • News
  • Updated: Oct 29, 2020

Nigeria: How To Apply For FG's N75bn Investment Fund As Registration Officially Opens

Nigeria: How To Apply For FG's N75bn Investment Fund As 

The application portal for the N75bn Nigeria Youth Investment Fund (NYIF) is officially opened for registration, AllNews understands.

The Personal Assistant on New Media to President Muhammadu Buhari shared the information on his verified Twitter handle on Thursday.

The official Twitter account of the Federal Ministry of Information and Culture, Nigeria as well tweeted the NYIF registration.

Youths (18-35 yrs) with business ideas that require funding can apply for N250,000 - N5,000,000, Nigerian authorities say.

The Nigeria Youth Investment Fund application portal is https://nmfb.com.ng/nigeria-youth-investment-fund/.

Nigerian youths via this initiative (i.e Nigeria Youth Investment Fund) can access up to N3 Million Credit Facility, a piece of information on the National Microfinance Bank official website reads.

READ ALSO: Here's What You Need To Know As President Buhari Approves Youth 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) to invest in youth ideas to build sustainable businesses that can activate enterprise and increase job opportunities in Nigeria, the FG said.

READ ALSO: How To Apply: $120,000 AgricPitch Opened To Startup Agribusiness Founders

"The fund is dedicated to investing in the innovative ideas, skills and talents of Nigerian youths aimed at turning them into entrepreneurs, wealth creators and employers of labour, contributing to national development.

"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 NYIF aims to financially empower Nigeria's youth to generate at least 500,000 jobs between 2020 and 2023," the apex government added.

Simple Steps To Apply For FG's N75bn Investment Fund

STEP 1

Get Trained

Applicants to attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth and Sports Development (FMYSD) EDIs

STEP 2

Apply For Loan

Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.

STEP 3

Submit An Application

Eligible applicants submit applications successfully on NMFB’s portal.

STEP 4

Approval

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.

STEP 5

Disbursement

CBN reviews applications and gives final approval for disbursement to NMFB

Who can apply for Nigerian Govt's N75bn National Youth Investment Fund?

Individuals / Non-registered Businesses

  • Individual within the age bracket of 18 to 35 years
  • Has a valid BVN and means of ID
  • Provision of Business plan Summary or Completed Questionnaire
  • Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs)

Registered Businesses

  • Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)
  • Business plan Summary or Completed Questionnaire
  • Valid Bank Verification Number (BVNs) of Directors
  • Provision of Tax Identification Number (TIN)
  • Entrepreneurship Training Certification from FMYSD EDIs

Tags

0 Comment(s)

TRENDING

Nov 06, 2020

Are you a victim of Police, Army and other security agencies brutality? Do you have a relative who has been a victim too? Now is the time to get justice through access to legal aid and AllNews' digital technology. Report here today.

Are you a victim of Police, Army and other security agencies 115 days 9 hours remain