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The Nigeria Youth Investment Fund (NYIF) is a government-backed initiative that seeks to provide young people with the capital, mentorship, and support they need to start their own businesses.
In order to qualify for the fund, you must be between the ages of 18 and 35, have a business idea that you plan to execute within six months of receiving funding, and be able to prove that your business is viable. The Nigerian Youth Investment Fund will provide a maximum of NGN 5 million (approximately $12,000).
According to the government's website, the Nigerian Youth Investment Fund is managed by the Central Bank of Nigeria and approved applicants can expect to receive their funding in three weeks.
You might be interested in reading this: "Tips on How to Invest and Earn Daily in Nigeria"
The application process requires submitting information about yourself, including your age, your bank details (e.g., BVN number), your business idea, and your plans for how you would spend an investment from the Nigerian Youth Investment Fund. You will also need copies of any relevant certificates or diplomas (e.g., university degree).
The Nigerian Youth Investment Fund is aimed at young people between 18 and 35 who are either in business already or wish to become entrepreneurs. To have access to get a loan from the fund, you must meet these requirements:
The NYIF has 5-year loans with a 1 year moratorium available for Nigerian entrepreneurs between 18 and 35 years old who are looking to start or grow their businesses.
The NYIF loan scheme is all about creating jobs, boosting small and medium-scale enterprises, and encouraging entrepreneurship in Nigeria.
The NYIF loan is not a grant or gift, it will be repaid using interest rate which will be determined by the Central Bank of Nigeria.
In order to check your loan status after successful application, follow the steps below;
Since the Nigeria Youth Investment Fund (NYIF) was approved in 2020, so many people have questions about how to apply, what they qualify for, and what they should expect.
Before applying for the loan, there are a few qualifications that you'll need to meet in order to be eligible for Nigerian Youth Investment Fund. You do not have to be a Nigerian citizen; however, you must be a Nigerian resident who has been living in the country for at least three years.
You also must not be an elected official or a public servant. If you do meet these qualifications, though, then you can begin the application process!
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Published origninally on 6th May 2022 15:18:41
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