Federal ministry for youth and sport loan youthandsport.gov.ng/apply
The Nigerian Federal Ministry of Youth and Sport Developments has been mandated by the Federal Government to facilitate empowerment programme that will help the Nigerian Youth grow and expand their businesses.
You must of heard of the NYIF (Nigerian Youth Investment Fund)? This is just one of the few loans provided by the Government through the ministry.
which will facilitate the empowerment of youths owned Micro, Small and Medium Enterprises through a 75 billion naira worth loan, funded by the CBN and approved by the Federal Government of Nigeria.
This initiative brought to life by the Federal Ministry Of Youth and Sport Development (FMYSD) and funded by the Central Bank of Nigeria (CBN) will be spread over three years to cater for
Youth-owned businesses and investment needs and will also be invested in the innovative ideas, skills and talents of many young Nigerians who aimed at becoming an entrepreneur, wealth creators and employers of labor.
Who are those eligible for the Nigerian Youth investment fund (NYIF) program?
Any youth or individual between the age range of 18 and 35 years old, who is aiming to start up any form of businesses are eligible for the registration process.
It is also open to youth who owned Small to Medium Enterprises such as tailors, artisans, fashion designers,traders, manufacturers. Those who are trading in spare part are not left out also.
Please note that, youth who wished to apply as an individual or a non-registered business could draw up to N250,000. In the same note , youth-owned registered businesses could get funding for up to N3 million naira.
Note: The loan provided under the NYIF, has an interest rate of 5% per annum and a repayment tenor of 5 years with a moratorium of up to 12 months.
Selection Criteria for Federal ministry for youth and sport loan
The selection of candidates for the Nigerian Youth Investment Fund (NYIF) will be based on the following eligibility criteria;
Informal Business Enterprises (Individual & Sole Proprietors )
- Must be a Nigerian youth within the age bracket of 18 to 35 years of age
- Have an operational business /enterprise based in Nigeria (Note: Those with unregistered business can also apply)
- Has not been convicted of any financial crime in the last 10 years
- Valid Bank Verification Number (BVN)
- Evidence of Local Government Indigene Certificate.
Formal Business Enterprises — Youth Owned Enterprises
- Properly registered formal business enterprises (Youth owned enterprises) with Corporate Affairs Commission (CAC)
- Provision of Business plan Summary / Or Completed Questionnaire
- Evidence of Training Certificate from approved FMYSD EDIs
- Valid Bank Verification Number (BVNs) of Directors + Provisions of Tax Identification Number (TIN)
Eligible Activities / Businesses
- Technology/ Innovation
- Agriculture and related value chain
- Green Economy and Renewable energy sector
- Hospitality/ Tourism
- Logistics and supply chain
- Healthcare value chain
- Creative sector
Ineligibility for Federal ministry for youth and sport loan
: The following sets of people are not eligible for the Nigerian Youth Investment Fund (NYIF).
- Beneficiaries of NMFB loans (such as Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS) that remain unpaid are not eligible to apply
- Beneficiaries of other Government loan schemes that remain unpaid are not eligible to apply.
How to enroll for the program?
- You can enroll by kindly visiting the ministry’s website: www.youthandsport.gov.ng. Or, by applying through the NMFB portal/site (NIRSAL Microfinance Bank’s) www.nmfb.com.ng; or, by visiting: www.noya.ng.
Please note that all applicants are expected to provide their Names, Email address, and Website (if available).
Application Procedures/How to apply?
Want to apply? After all who wouldn’t want to benefit from all these juicy offer? But remember that the application is online based.
No hand or manual application, just log online and get your information filled on the form provided on the application portal @ nyif.nmfb.com.ng. Based on information provided at youwin.org.ng . Participation in program will involve the following steps;
Step 1: Get Trained
There is need to train Applicants on entrepreneurship hence they need to get this training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs
Step 2: Apply For Loan
Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.
Step 3: Submit an Application
Eligible applicants submit applications successfully on NMFB’s portal.
Step 4: Approval
NMFB won’t just approve the loan they are going to look into every details as regards to Risk Assessment Criteria and programme guideline, before they will make a final decision and forward their findings and recommendation to CBN which is the Apex Bank of Nigeria for final approval.
Step 5: Disbursement
When the recommendation gets to CBN, its left for them to carry out a reviews of the applications and thereby gives final approval for disbursement to NMFB to beneficiaries.
Please note: you are not meant to pay in money to anyone, application is free as forms are readily available at the Nigeria Youth Investment Fund portal nyif.nmfb.com.ng and noya.ng (informational).
What Are the Benefits of Enrolling for the program?
- NYIF- Opportunity to get 250k to 50m loan (per MSME) at 5 per cent for business ideas.
2. DY.ng- Digital training and a pathway to enterprise via FMYSD and CBN led training opportunities.
3. Access to participate in empowerment programs and entrepreneurship training programs organized by the Ministry.
4. Access to real time information on all youth entrepreneurship initiatives.
5. Priority funding from other public and private sector, financial institutions, including international donor Agencies.
6. Provides borderless marketing opportunities for MSMEs
7. Business guarantor and many more opportunities.
Youwin is a Nigerian focused Educational And Career blog, With the Vision To Inspire & Empower Young Persons; Helping Them Realise & Maximise their Potentials.
this articles was written by a team of bloggers for youwin.org.ng, the writer is a University graduate, he holds a degree in Economics from the University of Nigerian Nsuka (UNN).
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