The Federal Government on Sunday reopened the Nigeria Youth Investment Fund (NYIF) portal for application for Nigerian youths.
The Nigerian Youth Investment Fund (NYIF) is an N75 Billion Loan Programme initiated by President Mohammadu Buhari led administration through 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 NYIF Portal was previously closed in mid-2021 by the Federal Ministry of Youth and Sports Development in order to process millions of applications received from Nigerian Youths who are seeking support for their businesses.
The loan has a single-digit APR at 5% and a moratorium of 12 months before repayment. The Nigeria Youth Investment Fund was approved by Federal Executive Council in July 2020.
Out of the 3 million applications received in 2020, only about 5,200 Youths have benefited from the Loan Programme in 2021 while about 10,000 Youths were recently pre-qualified for training – a prerequisite for accessing the loan.
According to a statistical report from the Federal Ministry of Youth and Sports Development, “2021 is the first year and only N3 Billion has been released and N2 Billion disbursed as part of the ongoing process.”
The Federal Ministry of Youth and Sports Development has capped the maximum loan per qualified beneficiary at N300,000 to enable many youths benefit from the Loan Programme.
How To Apply
All interested applicants who wish to apply for the loan programme should visit https://nyif.nmfb.com.ng/Applicants/New to fill the online registration form for the programme.