Nigeria Youth Investment Fund (NYIF) Guidelines, Online Form, Shortlist

Important Links

1.0 Introduction

2.0 Objectives of the Scheme

3.0 Target

4.0 Seed Capital

4.1 Participating Financial Institution

5.0 Eligibility Criteria

5.1 Informal Business Enterprises (Individuals and Sole Proprietors)

  • Be a youth within the age bracket of 18–35 years.
  • Have business/enterprises domiciled and operational in Nigeria.
  • Has not been convicted of any financial crime in the last 10 years.
  • Has a valid Bank Verification Number (BVN)
  • Possess Local Government Indigene Certificate.

5.1 Formal Business Enterprises (Youth Owned Enterprises)

  • Evidence of registration with Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A);
  • Business questionnaire;
  • List of Directors with BVN nos.;
  • Evidence of regulatory approvals (where applicable);
  • Tax Identification Number (TIN).

5.3 Ineligible Applicants

5.4 Training

5.5 Eligible Activities/Businesses

  • Technology/ Innovation;
  • Agriculture and related value chain;
  • Green Economy and Renewable energy sector;
  • Manufacturing,
  • Hospitality/Tourism;
  • Construction;
  • Logistics and supply chain;
  • Healthcare value chain,
  • Creative sector and
  • Trading and Services.
  • Others as may be determined by NYIF/CBN from time to time.

6.0 Types of Facilities

6.1 Term Loan (for asset acquisition/improvement)

  • Individual (Unregistered business)
  • Shall be determined based on activity/nature of project subject to the maximum of N250,000
  • Registered Businesses (Business name, Limited Liability, Cooperative, Commodity Association shall be determined by activity/nature of project subject to the maximum of N0 million (including working capital).

6.1.1 Tenor

6.1.2 Moratorium

5.0 Interest Rate

6.0 Loan Application Procedure

6.1 Application Procedure

6.2 Processing/Approval

7.0 Collateral Requirement

8.0 Principal Repayment

11.0 Equitable Participation

12.0 Project Management Office (PMO)

13.0 Monitoring and Reporting

14.0 Responsibilities of Stakeholders

15.0 The Central Bank of Nigeria

15.1 The CBN shall:

  1. Serve as member of the Steering Committee of the NYIF;
  2. Articulate clear guidelines for the implementation of the NI RS A L wi nd o w o f th e NY IF ;
  • Provide the seed fund as determined by FEC;
  1. Provide technical guide/assistance as may be required from time to time.

15.2 Federal Ministry of Youth and Sports Development (FMYSD)

  1. Serve as member of the Steering Committee of the NYIF;
  2. coordinate the overall implementation, including sensitization, mobilization and monitoring of the programme;
  • establish the Project Management Office (PMO);
  1. provide periodic progress report to the FEC.

15.3 Federal Ministry of Finance, Budget and National Planning (FMFBNP)

  1. Ensure the release of budgeted funds for the program
  2. Ensure the payment of interest rate differential to the CBN, where applicable.
  • Participate in the activities of the program as may be required from time to time

15.4 NIRSAL Microfinance Bank (NMFB)

  1. Serve as the Managing Agent of the CBN contributions to the program;
  2. Comply with the guidelines of the program;
  • Establish an online portal for loan administration of the CBN contribution and as may be decided by the FMYSD;
  1. Collaborate with PMO in the implementation of the program
  2. Keep accurate records of all applicants in a format to be agreed with the PMO;
  3. Prepare periodic reports to the CBN and FMYSD.

15.5 Beneficiaries

  1. Ensure prudent utilisation of funds;
  2. Keep up-to-date records of their activities under the Scheme;
  • Make their books, records and projects available for inspection by the NMFB and PMO when required;
  1. Comply with guidelines of the Scheme; and
  2. Repay their loans as and when due.

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