The Nigeria Youth Investment Fund (NYIF)—Agriculture Segment is a finance program that is designed to support young Nigerians engaged in agriculture. It offers affordable financing for business training and mentoring to those involved in livestock farming, crop cultivation, aquaculture, agroprocessing, and value chain services for agriculture.
This section in the NYIF was created to increase the participation of young people in agribusiness to provide jobs and boost sustainable food production in Nigeria. It is administered under the direction and supervision of the Federal Ministry of Youth Development, working in conjunction with banks and other financial institutions.
This guide will explain what the NYIF Agric Segment does, the way it functions for applicants, who can qualify for it, the application process, necessary documents, and deadlines.
What is the Nigeria Youth Investment Fund (NYIF—Agric Segment)
The NYIF Agric Segment is a part of the larger Nigeria Youth Investment Fund that provides funding to young entrepreneurs across the key sectors. The Agric Segment is focused on the young Nigerians working in agribusiness and agriculture.
The program offers loans at low interest rates, technical education, and the opportunity to access business growth and training services. It is designed to help new farmers from the beginning of production to processing and ensure the sustainability of their farms and ensure profitability.
The goal of the program is to decrease youth unemployment, improve the security of food, and encourage the entrepreneurship of Nigeria’s youth.
The information may differ based on the program’s phase. Verify information through the official government portals or NYIF portals prior for application.
Funding & Coverage of NYIF – Agric Segment
The Agric Segment of the NYIF is designed to help different sizes of agribusinesses run by youth.
Key funding details include:
- The type of financing: Loan or equity finance for agricultural enterprises owned by youth
- The loan amount is between N250,000 and N3,000,000 in accordance with the scope of the project and capacity.
- Interest Rate: 5% per annum (single-digit)
- Lending tenure up to five years based on the type of project and the ability to repay.
- The purpose of funding: To support start-ups as well as existing agribusinesses that are involved in the fields of processing, production, and value-added
- Target Group: Nigerian young people aged between 18 and 35 who are interested in or have knowledge of agriculture
- Application: All 36 states as well as all of the Federal Capital Territory (FCT)
Beneficiaries also receive education in the management of agribusiness and financial literacy prior to the disbursement of funds.
Eligibility for NYIF – Agric Segment
To be eligible for theAgric Segment of the Nigeria Youth Investment Fund, applicants must meet the following requirements:
- It is necessary to meet the criteria of a Nigerian citizen, aged between 18 and 35 years old.
- Should manage or own an agro-based or agricultural business in Nigeria
- It is required to be able to provide a bank verification number (BVN) and a functioning bank account.
- Should provide a credible agribusiness plan or plan
- You must have completed or be ready to complete the required entrepreneurial training as approved by the program.
- There must not be any unpaid outstanding government-backed loans.
- Need to show the ability and capability to sustain a business
Priority is given to innovative agriculture businesses that generate jobs, as well as those that are run by women or youth cooperatives.
How to Apply for NYIF – Agric Segment (Step-by-Step)
- Visit the official NYIF Portal
Find open applications in the Agriculture Segment and review the guidelines for eligibility. - Join the program
Make your account through the Official NYIF application platform by providing your current information (name, email, phone, and BVN, as well as the state of your residence). - Completion of your mandatory training
Participate in the entrepreneurial or agricultural session provided by centers that are accredited. - Create a Business Plan (or Proposal)
Clearly outline your agriculture project, which includes costs, output estimates, and the impacts. - Complete the Application Formula
Fill in the required sections and upload the required documents in the order listed below. - screening and evaluation
Application forms are reviewed, and eligible applicants may be contacted for interviews or for verification. - Application and loan offer
The successful applicants are offered a loan with terms and repayment dates. - Monitoring and Disbursement
Funds will be deposited directly into the beneficiary’s account at the bank. Monitoring and support continue throughout the course of business.
Required Documents for NYIF – Agric Segment
Candidates must complete the following forms before submitting their application:
- Valid methods to prove identity (National ID or International Passport and Voter’s Card)
- Bank Verification Number (BVN)
- Age proof (birth certificate or an affidavit signed by a sworn witness)
- Proposal or business plan that outlines agricultural activities and financial requirements
- Evidence of registration as a business (CAC or co-op registration if you have it)
- Passport photograph
- Bank account details for disbursement
- Certificate of training (for people who’ve completed the obligatory training)
Incomplete or incorrect applications could cause delays or disqualification.
Timelines
- Application Duration: Announced in batches depending on the amount of funding available.
- Training & Screening Screening and training are conducted prior to the loan being approved.
- Approval and disbursement: Within 4-8 weeks after the successful screening
- The loan duration is up to five years based on the project’s size and repayment plan.
- Monitor: Monitoring continues until payment is made.
The exact dates can vary based on each phase of the program.
Common Challenges or Warnings
- Beware of fake agents. This application is free and has to be made through official portals only.
- Make sure that all information you provide makes sure that the information you provide is authentic and verified.
- Candidates must be able to complete the Entrepreneurship course prior to receiving funding.
- Make use of funds only for a permitted business use Any misuse could cause the disqualification.
- Be in constant contact with program officials to ensure compliance and report.
FAQs on NYIF – Agric Segment
1. What’s the NYIF Agric Segment? It is an investment program for youth that assists entrepreneurs in agriculture by providing loans and education.
2. Who is eligible to apply? Nigerian youth aged 18-35 working in livestock farming, crop cultivation, aquaculture, or agro-processing.
3. Is it loan or grant? an interest-paying loan that has favorable terms as well as repayment conditions, but not an award?
4. What is the amount of the loan? between N250,000 and N3,000,000 based on the type of business and size?
5. What is the rate of interest? 5% annually (single-digit interest rate).
6. What is the repayment term? Up to five years based on the specifics of your business.
7. Do you have to take a course? Absolutely, entrepreneurship and agribusiness education are required prior to the disbursement of funds.
8. Existing businesses are eligible? Yes, provided that the firm is owned by youth and meets the eligibility criteria.
9. Do I require collateral? The requirements for collateral may vary based on loan categories. Group guarantees can be accepted.
10. Do cooperatives qualify to be youth cooperatives? Yes, they are able to apply together for larger sums of money.
11. How can I tell whether I’ve been selected? Successful applicants will be contacted via SMS or email for the next steps.
12. Does the program cover all states? It is indeed nationwide. all states as well as part of the Federal Capital Territory (FCT).
Conclusion
The Nigeria Youth Investment Fund (NYIF Agriculture Segment) is a transformational opportunity for the next generation of Nigerians to build and scale their agricultural enterprises. Through providing an affordable amount of credit, education, and business support The program empowers young people to be key players in Nigeria’s value chain of agricultural production.
To be able to benefit, you must create an effective business plan, go through the required training, and only submit your application via NYIF’s official NYIF platforms.
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