See Details of How To Benefit From N75 billion Nigeria Youth Investment Fund

See Details of How To Benefit From N75 billion Nigeria Youth Investment Fund

The Federal government has released criteria for Nigerian youths to benefit from the newly launched Nigeria Youth Investment Fund.

The Nigeria Youth Investment Fund was set up by the federal ministry of youth and sports development and financed by the central bank of Nigeria.

According to a statement by President Buhari’s Personal Assistant on New Media, Bashir Ahmad, the application portal for the N75bn Nigeria Youth Investment Fund (NYIF) is officially opened for registration and opened to youths (18-35 yrs) with business ideas that require funding between N250,000 – N5,000,000. Visit https://t.co/CSyDmULTKr for more details.

“IMPORTANT: The application portal for the N75bn Nigeria Youth Investment Fund (NYIF) is officially opened for registration. Youths (18-35 yrs) with business ideas that require funding can apply for N250,000 – N5,000,000. Visit https://t.co/CSyDmULTKr for more details. ”

The Central Bank of Nigeria has also disclosed the eligible beneficiaries and businesses/activities for the N75 billion Nigeria Youth Investment Fund

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The Federal Executive Council approved the establishment of the Nigeria Youth Investment Fund for three years (2020–2023) to assist the Nigerian youth with much-needed funds for their businesses, as part of plans to empower youths.

It said the scheme’s aim is to financially empower Nigeria youth to generate at least 500,000 jobs between 2020 and 2023.

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According to the framework, NIRSAL Microfinance Bank (NMFB), the financial institution to manage the scheme, will be funded with an initial take-off seed capital of N12.5 billion.

Criteria
Both informal and formal business enterprises will benefit from the scheme. For individuals or sole proprietors of informal enterprise to be eligible, they must fulfil the following conditions:

(i) Be a youth within the age bracket of 18-35 years.

(ii) Have business/enterprises domiciled and operational in Nigeria.

(iii) Has not been convicted of any financial crime in the last 10 years.(v) Has a valid Bank Verification Number (BVN)

(vi) Possess Local Government Indigene Certificate.

For the formal business enterprises (Youth Owned Enterprises), that are legal entities duly registered with the Corporate Affairs Commission (CAC) these require the following documents;

(i) Evidence of registration with the Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A);

(ii) Business questionnaire;

(iii) List of Directors with BVN nos.;

(iv) Evidence of regulatory approvals (where applicable);

(v) Tax Identification Number (TIN).

“Cooperative societies duly registered with the relevant government authorities and members of Commodity Associations that fall within the eligible age bracket are also eligible to participate.”

It, however, said applicants currently enjoying NMFB loans, including the Targeted Credit Facility

(TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS) loans that remain unpaid ”are not eligible to apply.”

”Also beneficiaries of other government loan schemes that remain unpaid are also not eligible to participate.”

Eligible Activities/Businesses
”Legally allowed activities in the sectors or focal areas listed below shall be eligible:

”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 and Trading and Services.”

It said others may be determined by NYIF/CBN from time to time.

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“However, preference shall be given to enterprises that will support the growth of priority sectors, specifically those identified by the Economic and Recovery Growth Plan ERGP and the Nigerian Youth Employment Action Plan.”

It said individuals with unregistered businesses can get up to N250,000 loan while registered businesses can get up to N3 million (including working capital) with not more than 5 per cent per annum interest rate.