The Federal Ministry of Youth and Sports development has commenced the
process on how to open application portal for Nigerian youths to apply
for the Nigerian Youth Investment Fund, (NYIF) approved by the Federal
Executive Council on Wednesday, July 22, 2020, for establishment.
ABOUT NIGERIAN YOUTH INVESTMENT FUND
The NYIF is a sort of bank designed to help Nigerian youths to gain
access to fund innovative ideas, skills, and talents and also to
provide a special window for accessing funds, finances, business
management skills and other inputs critical for sustainable
Youths can also access credit and soft loans. This
platform is managed by the Ministry of Youth and Sports Development
which along with other MDAs directs the distribution of funds where
necessary. This is the very first of it’s kind by any Nigerian
Nigerian Youth Investment Fund (NYIF)is a government initiative
created to boost the Nigerian economy through leverage and access to
finance for youths.
The fund hopes to serve as a catalyst to unleash the potential of the
youth and enable many of them build businesses that will increase the
The NYIF aims to reach 500,000 youth annually between 2020 and 2023.
Each fund approval will range from N250,000 to N50,000,000, with a
spread across group applications, individual applications, working
capital loans set at 1 year and term loans set at 3 years with single
digit interest rate of 5%.
Disbursement will be through various channels, which will include
micro finance, finance firms and deposit money banks regulated by the
Central Bank of Nigeria and supported by Bank of Industry.
Here are a few points to note about NYIF before we move to the
requirements to apply as a beneficiary.
• The Nigerian Youth Investment Fund was approved on the 22nd of July 2020.
• The NYIF will get 25 billion to run per year for 3 years making it
75 billion. They are to start with 12.5 billion for the remaining part
• The fund is aimed at reaching 500,000 youths annually between 2020
and 2023 and each is expected to get at least 250,000 to 50,000,000
• The fund can be accessed on a group application level and individual
• The interest rate for loans offered on the NYIF is 5%.
• The moratorium period of the loan will be 1 year for individuals and
3 years for group or team loans.
• Disbursement is through microfinance organizations, fintech
organizations, and venture capital organizations registered with CBN.
• The Ministry of Finance, Budget and National Planning (MFBNP) and
the Central Bank of Nigeria (CBN) provides the finance to start the
• To benefit from the fund, you must have a fundable business idea,
registered business, be a citizen of Nigeria, present recognized means
of identification, and guarantors.
• Official Government Identification
• Applicant must be between the ages of 18 and 35 years old
• Notarized Guarantor Forms
• Passport photographs
• Bank Verification Number
• Training Certificate
• Fundable business idea
• Registered business
• Nigeria Citizenship
• NYSC certificate for graduates
States where you can access Nigerian Youth Investment Fund Loan
• Akwa Ibom
• Cross River
• FCT Abuja
METHOD OF APPLICATION:
The method of application will soon be unveiled. So stay tuned.
We will share the link here as soon as the portal for the application is opened.