NYIF Loan Application Portal 2024: How to Apply for Nigeria Youth Investment Fund Grant/Loan – The portal for NYIF Loan application form 2024 is open and out for all interested and qualified persons to apply or register using the application link portal provided in this article below. All you need for a successful application are all contained in this article below
NYIF Loan Application Portal 2024: How to Apply for Nigeria Youth Investment Fund Grant/Loan
The Nigerian Youth Investment Fund (NYIF) was set up as an initiative of the Federal Ministry of Youth Development (FMYD) and funded by the Federal Government of Nigeria (FGN). It is a beacon of hope for Nigerian youths aiming to invest in their ideas to build sustainable businesses that can activate enterprises and increase job opportunities in Nigeria.
The fund clearly demonstrates the government’s unwavering support for youth entrepreneurship, dedicated to harnessing Nigerian youths’ innovative ideas, skills and talents. The goal is to turn them into entrepreneurs who can create wealth and employment, thereby contributing significantly to national development.
Objectives of the NYIF
a. To reduce youth unemployment by fostering entrepreneurship.
b. To provide young entrepreneurs with access to affordable finance.
c. To support youth-led businesses in achieving sustainable growth.
d. To encourage innovation and creativity among the youth.
e. To create job opportunities and improve the standard of living.
Highlights Of The 2024 NYIF Program
1. Fund Size: N110 Billion
2. Disbursement Limits: N50.000,000
3. Tenor: Maximum Of 5 Years
4. Interest Rate: 5%
5. Moratorium: Up to 12 Months
6. Processing Monitoring and Evaluation: To Be Done By Partner MFIs
7. Disbursement Strategy: Primarily Through Youth Entrepreneur Clusters
Eligibility Criteria for NYIF Loan Application
To be eligible for the NYIF, applicants must meet the following criteria:
a. Be a Nigerian citizen aged between 18 and 40 years.
b. Have a business or business idea that aligns with the Fund’s objectives. Possess a National Identification Number (NIN).
c. Demonstrate a willingness to contribute to the economic development of Nigeria. Provide a viable business plan.
How to Apply for NYIF Loan Intervention 2024
a. Register: Create an account on the NYIF portal at https://www.fmyd.gov.ng/nyif_application
b. Complete Application Form: Fill out the online application form with accurate personal and business details.
c. Upload Documents: Attach the required supporting documents.
d. Submit Application: Review your application and submit it online.
For further information visit the Federal Ministry of Youth development website
