Welcome to mitrobenetwork, in today’s review, I will show you How to Apply for Nigeria Youth Investment Fund (NYIF) – including all the necessary Application Form details and Portals/ Requirements involved all at www.nyif.nmfb.com.ng.
The Nigeria Youth Investment Fund ( NYIF) is an Initiative of the Federal Ministry of Youth and Sports Development funded by the Central Bank of Nigeria. The application form is available at the NYIF application portal – www.nyif.nmfb.com.ng.
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The Federal Government of Nigeria, through the Federal Ministry of Youth and Sports Development, has officially launched the NYIF application form for the N75 Billion Nigeria Youth Investment Fund. By so doing, interested Nigerian Youths between the ages of 18 to 35 years can apply to get
What is Nigeria Youth Investment Fund (NYIF)?
The Nigeria Youth Investment Fund (NYIF) is a Federal government loan in partnership with the Central Bank of Nigeria and the Ministry of Finance, Budget and National Planning. The loan has five a years tenure with a moratorium of up to 12 months.
Nigeria Youth Investment Fund ( NYIF) Interest rate:
5% per annum. The loan provided under NYIF had an interest rate of five per cent per annum.
As we speak, a total of N75bn has been made available and will spread over three years to cater to youth-owned businesses and investment needs in Nigeria.
Nigeria Youth Investment Fund ( NYIF) Loan Value:
Nigerian Youths who are applying as individuals or non-registered businesses can get up to N250,000, while youth-owned registered businesses could apply for up to N3m. Here is a detailed guide on how to register your business name here in Nigeria.
NYIF payment bank: NISRAL Microfinance Bank (located in almost all states of the federation).
Nigeria Youth Investment Fund Requirements
These are the things and information you need to apply for the ongoing NYIF loan.
- A good business idea
- Age: Not more than 35 years.
- Mobile or Smart Phone
- Residential Address
- Geo-Political Zone
- State of Origin
- Educational Level
- Select Preferred Training Center
- How did you hear about NYIF?
How to Apply for Nigeria Youth Investment Fund (NYIF)
Youth with business ideas that need funding can apply for the Nigeria Youth Investment Fund ( NYIF) loan by following the instructions below;
- Visit the NYIF application portal: https://nyif.nmfb.com.ng/Applicants/New
- Type in your First name, Middle name and Surname.
- Type in your BVN and click the “Next” button.
- Follow the form fields to complete the form.
How to Succeed in this Nigeria Youth Investment Fund ( NYIF) Grant programme even under Covid-19.
Please note that the N75 Billion Nigeria Nigerian Youth Investment Fund is a dedicated fund aiming at investing in innovative ideas, skills, talents, and enterprise of the Nigerian Youth. The main goal is turning Nigerian Youths into Entrepreneurs, wealth creators and employers of labour contributing to national development.
Small and medium scale enterprises in Nigeria-How this Nigeria Youth Investment Fund (NYIF) can leverage SMEs to Scale
Small and Medium Scale Enterprises, otherwise known as SMEs are the major backbone of every developing and developed economy, and the case is so true for Nigeria. According to the Nigeria SME Survey, conducted and published by Pricewaterhousecoopers, SMEs account for a staggering 96% of all businesses in Nigeria and contributes 48% of the nation’s Gross Domestic Product. The report also states that 84% of Nigerians in employment are working for one SME or the other.
It does not even take a survey by a multinational consulting firm to realize the above facts about SMEs in Nigeria. Trek few meters away from your home anywhere in Nigeria, and you will discover vibrant battallions of enterprises, conducting businesses in the way they know best. These range from foodstuff vendors to food hawkers, wandering shoe shiners to static barbing saloons, provision shops, airtime sellers, phone battery charging spots, and car washs.
Beside this booming small business economy in Nigeria stands a booming tech startup ecosystem that has severally been recognized as one of the most vibrant in the continent. Young people, with big ideas, are busy working on disrupting entire industries or creating new ones in different sectors ranging from finance to healthcare.
A senior Cisco executive recently averred that “SMEs need technology support for growth”, and I agree with him. Partnership (or you can call it a collaboration) between SMEs and startups could prove to be the proverbial match made in Heaven, unfortunately, this is something that is rarely even discussed talk more of being implemented. It is not late, however. Tech startups can build products that can enable SMEs sell more of their goods. The end result is that startups get to solve the nagging problem they are always on about, and SMEs make more money and have the best experience selling their goods and services.
The following discusses the different ways this Nigeria Youth Investment Fund (NYIF) can grow by solving the plentiful needs of the huge number of SMEs in Nigeria.
1.Build products that enable SMEs cut down costs
This Nigeria Youth Investment Fund (NYIF) Startups fund should build products that enable SMEs cut down their cost of operation in the way of rent, generator maintenance cost, and internet data cost.
A second hand cloth dealer going into business in an expensive city like Abuja might not be able to pay millions upfront to rent a shop in their choice location. This kind of situation is not one that is too difficult for startup founders to handle.
An ecommerce platform where Abuja residents can search and order their choice second-hand clothings could be an ultimate solution. Renting out a single shopping space to a number of second-hand clothing dealers could be another wonderful idea of a startup founder that could drastically reduce the cost the dealers individually incur at the end of the end.
Startups can also provide cheaper and more reliable power source to SMEs, boosting their productivity and sales while also moving their own ministries.
2.Build products that enable SMEs reach their customers easily
Small services providers, like shoe makers, lead a hazardous, everly-mobile lifestyle, with most wandering from one street to another in search of customers for a significant part of their working hours. Startup founders can change this, and change their own story while changing the lives of these small services providers for good. A SaaS product that enables people within an area call the service of a nearby cobbler by pushing a button on their smartphone is not impossible and could be commercially viable. Such a product would mean that the cobbler won’t need to wander around in search of a client he might never see. He just has to stay at a select location and wait to be called to deliver his service.
The app could charge the users a small percentage of the transaction, thus earning money to sustain itself while solving society’s problem that the founders are out to solve.
3.Offer soft Youth Investment Fund (NYIF) loan facilities to SMEs
Fintech startups in particular can leverage the huge number of small and medium scale enterprises in Nigeria to grow.
You are wondering how?
They can offer loan facilities to these business that often cannot tick all the boxes required by traditional lenders, like banks, so cannot get loans they need to grow their businesses. SMEs are as hungry for growth as big businesses. And going by the fact that SMEs account for a whooping 96% of businesses in Nigeria, you realize that this is a whole lot of untapped market and an opportunity to scale a startup. Engineering a product for this hugely underserved section of the economy means startups stand a better chance of even upstaging their traditional counterparts in a very short period.
I know, lending to small, majorly undocumented and unbanked businesses come with very high risks, but this is not a problem that startups cannot find their way around.
Away from providing loan facilities, startups can also build accounting products for SMEs, come up with products to help perishable foodstuff sellers preserve their products, and build a more efficient and cost-effective SME supply chain.
I guess you should be satisfied by now, However, after applying for the NYIF under or during this period of coronavirus everywhere, there are few skills or things to note in order to Survive During This Covid-19 Pandemic as a Small And Medium-Scale Business operator or startup.
There’s no need stressing that the ongoing coronavirus pandemic has crippled hundreds and thousands of businesses across the globe. Many businesses, without the exception of small and medium-scale businesses, are experiencing profit decline and some business owners are already giving up on their businesses.
Despite the accompanying disaster of COVID-19 and the resulting effect on business growth, you can always keep your business on a survival lane. Therefore, we have taken ample time to thoroughly consider 5 ways your small or medium-scale business can survive during this pandemic with the Nigeria Youth Investment Fund (NYIF) .
1.Working out a Business Format for Cutting Costs
Doing this may require you to set up a short-term financial plan incorporating only the essential provisions to keep your business going. Indispensable provisions such as utility charges, office rent and staff salaries usually make up the lifeblood of small and medium-sized businesses. So, ensure the business format you’re creating considers necessary expenses so that your decision to cut costs doesn’t backfire.
If you think your business building is spacious enough, you may consider sharing it with another small business owner. This way, you’re sure to free yourself the burden of paying the entire office rent.
2.Remaining Calm and Taking Care of Yourself
To you, this might not seem to have a direct influence on your business survival. But again, you have to realize that taking care of yourself and always remaining calm have the benefit of inspiring you to develop fresh ideas for business survival. Panicking or cowering over how your business will survive might affect you psychologically as it is considered unsuitable for your health.
3.Making Advantageous Use of Enhanced Staff Training
The disastrous wave of COVID-19 is undeniably compelling some businesses to lay off their staff. Due to dwindling business gains, you could be tempted to relieve your staff of their roles. However, that might not be the solution to business downturn as there are effective ways of “upskilling” your staff.
You should be ready to inspire extra skills into the staff in crucial departments such as production, marketing and distribution. Helpfully, online courses are available on how you could reinforce your business team with additional skills during this COVID-19 pandemic.
4.Exploring Alternative Modes of Operation
The virulent spread of COVID-19 is imposing compulsory lockdown on businesses including medium and small-scale entities. While this appears unfavourable, it’s yet an opportunity for you to consider changing your mode of business operation.
Can my business operate online? Would it be great to list my products/services online?
Above are some of the questions that should come to your mind. And of course, you might consider the idea of online operation an effective way of keeping current customers and capturing potential customers.
5.Keeping Tabs on Support Initiatives Provided by Government or External Organizations
In the course of this COVID-19 pandemic, governments and certain organizations (including financial institutions) are coming up with initiatives and one of them is the Nigeria Youth Investment Fund (NYIF) as well as the survival fund programme by federal government intended to keep small and medium-scale businesses running. By keeping yourself abreast of online updates from your local support groups, you’re likely to know if there’s a stimulus package for your sort of business. Also, you should always keep yourself in touch with all the market groups you belong to as some of them might have support packages such as loans and grants to offer.
In conclusion, I can convincingly state emphatically that this article has clearly illustrated and explained every details on How to Apply for Nigeria Youth Investment Fund (NYIF) – giving out vital and all the necessary Application Forms details and Portals/ Requirements involved all at www.nyif.nmfb.com.ng.
We strongly believe that the information in this post is enough reason for you to accept that your small or medium-scale business can still survive the catastrophic wave of the COVID-19 pandemic. Also with the help of this Nigeria Youth Investment Fund (NYIF) you can stand up or bounce back from any setback your business have faced all along. Therefore, you should make good use of the helpful tips provided and hope that your business will remain a going concern.