Nigeria Youth Investment Fund FAQs
The Nigerian Youth Investment Fund (NYIF) was established at the initiative of the Federal Ministry of Youth Development and Sports (FMYSD) and funded by the Central Bank of Nigeria (CBN)
What is the interest rate?
The interest rate for the intervention is 5% per year (all inclusive).
What is the term of the loan?
Term loans have a maximum duration of no more than 5 years.
How much can I access?
Sole Proprietorships / Unregistered: Can access up to ₦250,000.00 Registered Businesses (Trading Name/Limited Liability/Cooperative Societies/Commodity Associations): Can access up to ₦3,000,000.00
Is there a moratorium period?
Moratorium of at least one year.
Can someone currently benefiting from a CBN intervention fund access this loan?
No, you cannot access this facility unless the previous CBN intervention loan(s) have been fully repaid.
Do I need a guarantee to access this loan?
No, but all assets purchased under the program must be registered with the National Collateral Registry (NCR). In addition, the Global Standing Instruction (GSI) warrant will be activated to ensure full repayment by the debtor of the loan.
Who is eligible?
A young Nigerian in the age bracket of 18 to 15
Where can I train?
Visit the nearest Federal Ministry of Youth and Sports Development (FMYSD) Institute of Entrepreneurship Development (EDI) or www.youhandsport.gov.ng
Can any NIRSAL MFB approved EDI train candidates for this program?
No, NIRSAL-approved Entrepreneurship Development Institute EDIs are not eligible to train candidates under this program unless listed by FMYSD.
Do I need a bank verification number to apply?
Yes, a valid Bank Verification Number (BVN) is required.
What valid identification means do I need?
Any valid means of identification such as a driver’s license, national identity card and international passport.
Does my business or company need to be domiciled in Nigeria?
Yes, business/companies must be domiciled and operating in Nigeria.