How to Apply for Nigerian Youth Investment Fund can be accessed below.
The Central Bank of Nigeria (CBN), has disclosed businesses and activities that are eligible to benefit from the Nigeria Youth Investment Fund (NYIF).
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Newsonline reports that the Nigerian Youth Investment Fund, NYIF, is a government initiative created to boost the Nigerian economy through leverage and access to finance for youths.
The fund hopes to serve as a catalyst to unleash the potential of the youth and enable many of them build businesses that will increase the employment rate.
The NYIF aims to reach 500,000 youth annually between 2020 and 2023. Each fund approval will range from N250, 000 to N50, 000,000, with a spread across group applications, individual applications, working capital loans set at 1 year and term loans set at 3 years with single digit interest rate of 5%.
Disbursement will be through various channels, which will include micro finance, finance firms and deposit money banks regulated by the Central Bank of Nigeria and supported by Bank of Industry.
Eligible Businesses/activities for Nigerian Youth Investment Fund
The CBN also outlined in the framework, the businesses and activities that are legally allowed to be eligible in the scheme. These include:
- 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
- Trading and services
- Others as may be determined by NYIF/CBN from time to time.
The CBN, however, states that preference shall be given to enterprises that will support the growth of priority sectors.
Businesses Ineligible to apply for Nigerian Youth Investment Fund Registration
In the publication, applicants who are ineligible to apply for the Nigerian Youth investment fund include:
Applicants that are currently enjoying NIRSAL Microfinance Bank (NMFB) loans – which include Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS) loans, that remain unpaid.
Also, beneficiaries of other government loan schemes that remain unpaid are not eligible to participate in this scheme.
How to Apply for Nigerian Youth Investment Fund Registration: For registered Businesses
The Central Bank of Nigeria (CBN), has disclosed businesses and activities that are eligible to benefit from the Nigeria Youth Investment Fund (NYIF).
Registered Businesses wishing to apply for the Nigerian Youth Investment programme, should provide the following details as listed below. Then click the link in the next line.
- Email address
- Personal name
- Business name
- Address
- Business type
- CAC registration details
