Thousands if not Millions of Nigerian Youths have applied for the NYIF but only few have been able to access the fund, while others are waiting for Federal Government to direct them on what to do (SMH). Anyways below are the steps to take before accessing the fund, it is quite an easy and simple steps.
The 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 fund is dedicated to investing in the innovative ideas, skills & talents of Nigerian youths aimed at turning them into entrepreneurs, wealth creators and employers of labour, contributing to national development.
How to Get Trained – Nigeria Youth Investment Fund (NYIF)
STEP 1
Get Trained – Applicants to attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs.
WHERE CAN I GET TRAINED?
Visit the nearest approved Federal Ministry of Youth & Sport Development (FMYSD) Entrepreneurship Development Institute (EDIs) or www.youthandsport.gov.ng
Can any NIRSAL MFB approved EDIs train applicants for this programme?
No, the NIRSAL approved Entrepreneurship Development Institute EDIs are not eligible to train any applicants under this scheme, except they are listed by the FMYSD.
HOW TO APPLY FOR FUND
Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.
SUBMIT AN APPLICATION
Eligible applicants submit applications successfully on NMFB’s portal.
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.
DISBURSEMENT
CBN reviews applications and gives final approval for disbursement to NMFB
