Nigeria Youth Investment Fund Registration 2023 for Young Nigerian Entrepreneurs

Seed Capital

– The NIRSAL MFB window shall be funded with an initial take-off seed capital of N12.5 billion.

Participating Financial Institution
The eligible participating financial institution for the Scheme is NIRSAL Microfinance Bank (NMFB).

Eligibility Criteria

Informal Business Enterprises (Individuals and Sole Proprietors) A huge percentage of youth are engaged in the informal sector. Accordingly, the NYIF will facilitate the transition of informal enterprises owned by youth into the formal mainstream economy where they can be supported comprehensively, build a bankable track record; and be accurately captured as active participants in
economic development. Eligible youth must fulfill the following conditions:

(i) Be a youth within the age bracket of 18-35 years.
(ii) Have business/enterprises domiciled and operational in Nigeria.
(iii) Has not been convicted of any financial crime in the last 10 years.
(v) Has a valid Bank Verification Number (BVN)
(vi) Possess Local Government Indigene Certificate.

Formal Business Enterprises (Youth Owned Enterprises)
These are enterprises that are legal entities duly registered with the Corporate Affairs Commission (CAC). Documents Required:

(i) Evidence of registration with the Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A);
(ii) Business questionnaire;
(iii) List of Directors with BVN nos.;
(iv) Evidence of regulatory approvals (where applicable);
(v) Tax Identification Number (TIN).

Ineligible Applicants

– Applicants currently enjoying NMFB loans, including the Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS) loans that remain unpaid are NOT eligible to apply.
– Beneficiaries of other government loan schemes that remain unpaid are also not eligible to participate.

Moratorium

– Moratorium of up to 1 year may be allowed depending on the nature of the business and the assets acquired.

Interest Rate

– Interest rate under the intervention shall be at not more than 5% per annum (all inclusive).

Training

Applicants shall undergo compulsory entrepreneurship training arranged or approved by the Federal Ministry of Youth and Sports Development.

Eligible Activities/Businesses
Legally allowed activities in the sectors or focal areas listed below shall be eligible:
(i) Technology/ Innovation;
(ii) Agriculture and related value chain;
(iii) Green Economy and Renewable energy sector;
(iv) Manufacturing,
(v) Hospitality/Tourism;
(vi) Construction;
(vii) Logistics and supply chain;
(viii) Healthcare value chain,
(ix) Creative sector and
(x) Trading and Services.
(xi) Others as may be determined by NYIF/CBN from time to time.

Types of Facilities

Term Loan (for asset acquisition/improvement)
(i) Individual (Unregistered business)
Shall be determined based on activity/nature of project subject to the maximum of N250,000

(ii) Registered Businesses (Business name, Limited Liability, Cooperative, Commodity Association shall be determined by the activity/nature of the project subject to the maximum of N3.0 million (including working capital).

Note: Immovable assets acquired with the loan must be registered with the National Collateral Registry (NCR)