The NYIF ₦500k Loan is a program by the Nigerian government to support young entrepreneurs and innovators with viable business ideas or existing enterprises.
The program aims to reach 500,000 youth annually. The loan has a single-digit interest rate of 5% and a tenor of 5 years.
Following the Federal government NYIF ₦500k loan opportunity to Nigerians, based on their partnership with FMYSD on the NYIF Loan scheme.
Email invitations were sent to some NYIF applicants. Read the email sent below:
Dear NYIF Beneficiary,
The Federal Ministry of Youths & Sports is partnering with NPF FB Plc as one of the Disbursing parties for the National Youth Investment Fund (NYIF) nationwide.
Eligible Criteria
To apply for the NYIF ₦500k Loan, you need to meet the following criteria:
- You must be a Nigerian citizen between the ages of 18 and 35
- You must have a valid Bank Verification Number (BVN)
- It would be best if you had a registered business or a business idea that can create jobs and income
- You must not have any criminal record or history of loan default
Application Process
To access the NYIF ₦500k Loan, you need to follow these steps:
- Visit the NYIF website and fill out the online application form.
- Submit your application and wait for a confirmation email or text message
- If you are shortlisted, you will be invited to attend a mandatory online training by an approved Federal Ministry of Youth & Sports Development (FMYSD) Entrepreneurship Development Institute (EDI)
- After the training, you will be required to submit a business plan that will be evaluated by NIRSAL Microfinance Bank (NMFB)
How to check your NYIF Loan Application Status
To check if you have been shortlisted, you need to follow these steps:
- Next, click here to visit the NYIF Application Portal.
- Put in Your First Name, Middle Name, Surname
- Enter your BVN and click on “Validate BVN.”
- Click on the “Check Status” button.
- If you have been shortlisted, your status will be displayed on the screen.
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