Nigeria youth investment fund nyif 2023 2024

The Nigeria Youth Investment Fund (NYIF) is a program initiated by the Nigerian government to provide financial support to young entrepreneurs and small business owners in the country. Here are some key details about the NYIF 2023-2024:

Eligibility Criteria:

  1. Applicants must be Nigerian citizens between the ages of 18 and 35.
  2. The business must be owned and controlled by a Nigerian citizen.
  3. The business must be registered with the Corporate Affairs Commission (CAC) or the National Agency for Small and Medium Enterprises (SMEDAN).
  4. The business must have a minimum of 50% Nigerian ownership.
  5. The business must have a valid Bank Verification Number (BVN).

Loan Amount and Tenor:

  1. The loan amount ranges from N250,000 to N50 million.
  2. The loan tenor is 5-7 years, depending on the business plan and financial projections.

Interest Rate:

  1. The interest rate is 5% per annum.

Collateral:

  1. The loan is collateral-free, but applicants must provide a personal guarantee.

Application Process:

  1. Applicants must register on the NYIF website and fill out the application form.
  2. Applicants must upload their business plan, financial statements, and other required documents.
  3. The application will be reviewed and evaluated by a panel of experts.
  4. Successful applicants will be notified and required to sign a loan agreement.

Timeline:

  1. The application portal is open from January 2023 to December 2024.
  2. The loan disbursement process will commence in February 2023 and continue until December 2024.

Benefits:

  1. Access to funding for young entrepreneurs and small business owners.
  2. Capacity building and training for entrepreneurs.
  3. Mentorship and coaching for entrepreneurs.
  4. Access to market and networking opportunities.

How to Apply:

  1. Visit the NYIF website at www.nyif.npvnhub.com.
  2. Click on the "Apply Now" button and fill out the application form.
  3. Upload the required documents and submit the application.
  4. Wait for the review and evaluation process to be completed.

Contact Information:

  1. Email: [email protected]
  2. Phone: 09080000000
  3. Address: Nigeria Youth Investment Fund, Abuja, Nigeria.

Note: The information provided is subject to change, and applicants are advised to check the NYIF website for the latest updates and guidelines.