The Central Bank of Nigeria (CBN), has disclosed businesses and activities that are eligible to benefit from the Nigeria Youth Investment Fund (NYIF), which was recently launched by the Federal Government.
The scheme’s aim is to financially empower Nigeria youth to generate at least 500,000 jobs between 2020 and 2023.
The information was disclosed in the framework for the implementation of the Nigeria Youth Investment Fund, published by the Central Bank of Nigeria and signed by its Director, Development Finance Department.
Who are Eligible to Apply for the Funds?
Both informal and formal business enterprises will benefit from the scheme. For individuals or sole proprietors of the informal enterprise to be eligible, they must fulfill the following conditions:
- Be a youth within the age bracket of 18-35 years.
- Have business/enterprises domiciled and operations in Nigeria.
- Has not been convicted of any financial crime in the last 10 years.
- Has a valid Bank Verification Number (BVN)
- Possess a 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;
- Evidence of registration with the Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A);
- (Business questionnaire;
- List of Directors with BVN nos.
- Evidence of regulatory approvals (where applicable);
- Tax Identification Number (TIN).
Note: 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 percent per annum interest rate.
Who are Ineligible to Apply for the Funds?
In the publication, applicants who are ineligible to apply for the funds, which is an initiative of the Federal Ministry of Youth and Sports Development are:
Applicants that are currently enjoying NIRSAL Microfinance Bank (NMFB) loans – which includes Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS) loans, that remains unpaid.
In addition, beneficiaries of other government loan schemes that remain unpaid are also not eligible to participate in this scheme.
The CBN also outlined in the framework, the businesses, and activities that are legally allowed to be eligible in the scheme. These include;
- Agriculture and related value chain
- Green Economy and Renewable energy sector
- Logistics and supply chain
- Healthcare value chain
- Creative sector
- Trading and services
Others as may be determined by NYIF/CBN from time to time.
Youth with business ideas and meet up with the requirements can apply for the fund through this link https://nyif.nmfb.com.ng/Applicants/New
Successful applicants will undergo 5 days of compulsory online training which is free.