The Central Bank of Nigeria has released a framework that includes lists of eligible and ineligible businesses that can apply for the 75 billion Naira Nigeria Youth Investment Fund recently launched by the Federal Government.
This information was released as the ‘NYIF Implementation Framework’ on the Apex Bank website on Wednesday, October 28. In the publication, the list of eligible and ineligible businesses and the criteria to apply for the NYIF has been stated.
Informal Business Enterprises (Individuals and Sole Proprietors)
To be eligible, you must fulfill the following conditions;
- You must be a youth within the age bracket of 18-35 years.
- Have business/enterprises domiciled and operational in Nigeria
- Has not been convicted of any financial crime in the last 10 years.
- You must have a valid Bank Verification Number (BVN)
- Possess a Local Government Indigene Certificate.
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Formal Business Enterprises (Youth Owned Enterprises)
Eligible Formal Business enterprises that are legal entities duly registered with the Corporate Affairs Commission (CAC) must have the following documents;
- Evidence of registration with Corporate Affairs Commission (Certificate of Incorporation and Force CAC 2A)
- Business questionnaire
- List of Directors with BVN nos.
- Evidence of regulatory approvals (where applicable)
- Tax Identification Number (TIN)
Cooperative societies duly registered with the relevant government authorities and members of Commodity Associations within the eligible age bracket can also participate.
However, 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. And, beneficiaries of other government loan schemes that remain unpaid are also not eligible to participate.
Legally allowed activities in the sectors or focal areas listed below shall be eligible;
- Agriculture and related value chain
- Green Economy and Renewable energy sector
- Logistics and supply chain
- Healthcare value chain
- Creative sector and
- Trading and Services
Others as may be determined by NYIF/CBN from time to time. 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.
Applicants shall undergo compulsory entrepreneurship training arranged or approved by the Federal Ministry of Youth and Sports Development
About Nigeria Youth Investment Fund
NYIF is an initiative of the Federal Ministry of Youth and Sports Development funded by the Central Bank of Nigeria. The target is to financially empower Nigeria Youth to generate at least 500,000 jobs between 2020 and 2023.
In July 2020, the sum of N75, 000,000,000.00 (seventy-five billion Naira) was approved by the Federal Executive Council and to last through to 2023. The aim of the fund is to invest in the innovative ideas, skills, and talents of Nigerian Youth. Also, institutionally provide youths with a special window for accessing needed funds, finances, business management skills, and other inputs critical for sustainable enterprise development.
So, if you are a young person between the age of 18-35 with a business in Nigeria; in need of funds to improve your business, apply immediately using this link; https://nyif.nmfb.com.ng/
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