NIGERIA YOUTH INVESTMENT FUND PRODUCT PROGRAM
PRODUCT NAME:
CBN N75 BILLION NIGERIA YOUTH INVESTMENT FUND (NYIF)
BUSINESS UNIT: CREDIT HQ
DATE: OCTOBER 2020
PRODUCT CODE: CBN-NYIF
PRODUCT DESCRIPTION: This product is designed to improve access to finance for youth
and youth-owned enterprises for National development
TARGET MARKET: The fund is targeted to financially empower Nigeria youth to
generate at least 500,000 jobs in the country between 2020 to 2023
DOCUMENTATION REQUIRED:
❖ Training Certificate from approved FMYSD EDIs
❖ Evidence of registration with Corporate Affairs Commission
(Certificate of Incorporation and Form CAC 2A)
❖ Valid Bank Verification Number (BVN) for Individuals and
Directors
❖ Evidence of Local Government Indigene Certificate
❖ Duly completed Application form
❖ A copy of Birth Certificate
❖ Valid Tax Identification Number (TIN)
❖ A Summary Business plan / Questionnaire
❖ Valid means of Identification (Voter’s Card, Drivers license,
National ID/NIN Slip & International passport)
❖ Automated two years bank statement analysis.
GLOBAL LIMIT: ₦12.5 billion
FACILITY TYPE: Term Loan
SINGLE OBLIGOR LIMIT: Individual / Non-registered
Businesses: Up to ₦250,000.00
Registered Businesses( Business Name / Limited Liability /
Cooperative Societies/ Commodities Associations): Up to
₦3,000,000.00
LOAN TENOR Maximum of 5 years
MORATORIUM Maximum of 12 months
SECURITY FEATURES:
❖ Execution of letter set – off (required to activate the Global
Standing Instruction [GSI])
❖ Execution of Offer Letter
❖ Execution of letter of domiciliation of sales proceed where
applicable
❖ Credit Life & Asset Insurance (* Asset, In case of equipment
purchase) Insurance noting NMFB as first loss payee
❖ Registration immovable and movable asset on National
collateral registry (NCR)
ELIGIBILITY FORMAL BUSINESS ENTERPRISES- Youth Owned Enterprises
❖ Duly registered formal business enterprises (Youth owned
enterprises) with Corporate Affairs Commission (CAC)
❖ Provision of Business plan Summary / Or Completed
Questionnaire
❖ Evidence of Training Certificate from approved FMYSD EDIs
❖ Valid Bank Verification Number (BVNs) of Directors
❖ Provision of Tax Identification Number (TIN)
INFORMAL BUSINESS ENTERPRISES (INDIVIDUAL & SOLE PRORIETORS)
❖ Must be a Nigerian youth within the age bracket of 18 to 35
years of age
❖ Have an operational business /enterprise domiciled in Nigeria
(Note: Those with unregistered business can also apply)
❖ Has not been convicted of any financial crime in the last 10
years
❖ Valid Bank Verification Number (BVN)
❖ Evidence of Local Government Indigene Certificate
INELIGIBILITY:
❖ Beneficiaries of NMFB loans (such as Targeted Credit Facility
(TCF) and Agribusiness/Small and Medium Enterprises
Investment Scheme (AGSMEIS) that remain unpaid are not
eligible to apply
❖ Beneficiaries of other Government loan schemes that remain
unpaid are not eligible to apply
ELIGIBLE ACTIVITIES/ BUSINESSES
❖ Technology/ Innovation
❖ Agriculture and related value chain
❖ Green Economy and Renewable energy sector
❖ Manufacturing
❖ Hospitality/ Tourism
❖ Construction
❖ Logistics and supply chain
❖ Healthcare value chain
❖ Creative sector
❖ Trading and Services
❖ Others as may be determined by FMYSD/CBN from time to
time
TERMS & CONDITIONS
• Acquired immovable and movable collateral options shall be
registered under the National Collateral Registry (NCR)
• Insurance must be in place
• Execution of Offer Letter
• Execution of GSI Mandate
• Forfeiture Undertaking and Power of Attorney agreement to be signed by customer, giving NMFB rights to take over pledged assets in instance of loan default.
• Loan amount must match loan repayment and loan purpose.
PRICING • 5% p.a (All inclusive)
REPAYMENT STRUCTURE: Repayment would be on instalment basis in line with businesses
and NMFB credit evaluation
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