Nigeria Youth Investment Fund – 10 Things you Must Do Before the Portal Opens
The Nigerian Youth Investment fund(NYIF) has been approved since July 2020 and the application portal is due to open sometime in September 2020 for all interested Nigerians with fundable business ideas to submit their application form online. However, there are 10 things you must do before the application portal opens if you really want to be among the beneficiaries.
Read also: Nigerian Youth Investment Fund – Application Portal and How to Apply
Nigeria Youth Investment Fund – 10 Things you Must Do Before the Portal Opens
In line with the guidelines released by the NYIF, here are 10 must-do before applications for the Nigerian youth investment fund.
- Write down your business ideas – if you must apply for the NYIF, then you will need a good business idea and it is best if you can write down more than one of such ideas and then pick the best in terms of employment generation and income generation
- Do your business analysis – carry out extensive research about this business and check already existing businesses in a similar niche and find out their performances, draw a scorecard on a scale of 1-10 and also check their limitations and your point of an advantage when launched
- Carry out competition analysis – find out if there is or was similar businesses producing exactly the same product or rending the same services. If there was, find out why they closed down.
- Write your financials – write down the budget for the business including how every kobo will be spent and if you would employ people, write down how many and how much each one will be paid.
- Pick a good business name – make this name easy to remember and scream out loud.
- Write your complete proposal.
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- Visit the CAC(Corporate Affairs Commission) to register your business name or company name.
- Draw your repayment plan – the fund you are receiving is not a grant hence, you must pay back with a 5% interest and the payment moratorium period is 1 year for individuals and 3 years for a group so you must spend the money wisely.
- Consult a business adviser – if your business idea requires huge capital, it is important to consult an expert just to make sure you get it right from day one.
- Get a valid means of identification – if you don’t have a government-issued ID, then you have a few weeks from now to get one to avoid a last-minute rush. Before you do this remember that your names must be the same in all documents needed for the application and your BVN. If there is a difference, then you would need a change of name publication in any of the newspapers. You can contact us for this service for just N5,000.
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Now that you know the necessary preparations to make in order to be outstanding when the portal opens, it is time to swing into action. You can also contact us if you need a proposal for your business.
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