The Federal Government, through the apex bank, has opened a dedicated Nigeria Youth Investment Fund (NYIF) portal.
The registration portal’s availability coincided with the same day that the Central Bank of Nigeria (CBN) website was reportedly hacked.
However, this initiative was made possible by the Federal Ministry of Youth and Sports Development (FMYSD).
The Ministry, via the NYIF scheme, will provide loans to youth and youth-owned businesses.
Worth N75 billion, the loan will be disbursed to youths between the ages of 18 to 35 years.
According to findings, individuals or non-registered businesses will be able to access up to N250,000.
On the other hand, registered businesses will access up to N3 million in a total loan package.
Interestingly, regardless of the category, all loans repayment will only attract 5% interest within 5-years.
Qualification criteria
Apart from the age criteria, there are other eligibility measures put in place for interested applicants.
While the loan is geared towards productivity, applicants must have operational businesses.
Also, the applicant must have zero conviction related to financial crime over the previous ten years.
Additionally, applicants must possess a local government of origin certificate.
ALSO READ: Nigeria Digital Essence At 60: What Changed?
The list is even longer for youth-owned registered businesses.
An enterprise must be duly registered with the Corporate Affairs Commission (CAC).
Such an enterprise must have also acquired a Tax Identification Number (TIN).
Lastly, applicants must acquire a training certificate approved by FMYSD Entrepreneurship Development Institutes (EDIs)
How to Apply
Having met the above eligibility criteria, here is a step-by-step guide on registering for the NYIF loan.
1. Visit the dedicated portal
Firstly, visit the dedicated portal at www.nyif.nmfb.com.ng either on your desktop or mobile devices.
On the landing page, click on “Apply Here” and proceed from there.
2. What’s next? Fill in your biodata
Here you will be asked to provide your full name, middle name, last name and Bank Verification Number (BVN).
3. Fill in your Residential details
Here, you will be asked to provide your current residential details. Alongside this, you will make provision for an active email address and phone contact.
Other bio details to be provided include gender, age, or date of birth.
4. Select geopolitical zone and current educational level
While less priority is given to education level, it is essential to have a minimum of a school leaving certificate.
In addition to that, you do have to fill your geopolitical zone, State of origin and LGA.
5. Confirm training centre and submit
The final stage of application will have you select a preferred training centre based on proximity.
After that, you will tick a box that proclaims that the provided details are true and correct.
Mind you, note that the application requires zero charges, and training only takes place virtually.
As such, trainees will have to undergo a 5-days compulsory training to become a beneficiary fully.
Once you have filled in the necessary details, you do get a congratulatory notification.
Related development
Recall that the Federal Government recently launched a digital portal that is steered towards youth development.
Digital Nigeria Portal was established in accordance with the Digital Nigeria Programme.
The portal is equipped with over 40 basic digital and SME courses for starters.
ALSO READ: Nigeria Digital Portal Goes Live: Familiarise Yourself
While training is not enough, applicants or trainees will also get a certificate upon completing each course.
Also, the latest development follows a series of inclusive digital opportunities recently provided by the FG.
What Techuncode thinks
Regardless of what inspired this thoughtful development, we think the FG now has a second thought about the “Nigerian lazy youth.”
The last couple of months have seen several initiatives dedicated to the youths.
We can only but hope that it doesn’t stop yet.
Nigerian youth more than ever is benefiting from the federal government policies.
It is now essential for youths to embrace each and every opportunity as it comes.
Hopefully, in the near future, more Nigerian youths will have positive testimony about their beloved nation.
and then