The federal government has published a list of criteria that must be met for prospective beneficiaries of the N75 billion investment fund for Nigerian youths.
The scheme which is by run by NIRSAL Microfinance, a micro-finance outfit owned by the Central Bank of Nigeria (CBN), was developed by the ministry of youth and sports.
In line with the ministry, only N12.5 billion of the fund will be used to sponsor the transition of informal enterprises owned by youths into the mainstream economy of the country.
Below is a list of conditions that qualifies an applicant to benefit from the programme:<p class="has-drop-cap" value="<amp-fit-text layout="fixed-height" min-font-size="6" max-font-size="72" height="80">1. An applicant must be a Nigerian youth within the age range of 18-35 years.1. An applicant must be a Nigerian youth within the age range of 18-35 years.
2. A prospective beneficiary must own business/enterprises situated and functional in the country.
3. Applicants must have a valid Bank Verification Number (BVN).
4. An applicant must not have any criminal record in the last 10years.
5. He or she must have a local government indigene certificate.
Having met the above-listed conditions, applicants must be in possession of the following:
(a) Evidence of registration with Corporate Affairs Commission(Certificate of Incorporation and Form CAC 2A);
(b) Business questionnaire;
(c) List of Directors with BVN number
(d) Evidence of regulatory approvals (where applicable)
(e) Tax Identification Number (TIN)
Persons who cannot apply for the Nigerian Youths Investment Funds NYIF are those who at the moment benefit from the NMFB loans as well as the Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS) even if they’re yet unpaid.
Moreover, beneficiaries of other govt loan schemes who are not paid yet can also not apply for the NYIF.
Earlier, Nigerians youths have been urged to take advantage of the recently established investment fund.
The call was made by President Muhammadu Buhari on his Twitt£r page on Wednesday, August 12. The president made the call on the occasion of 2020 international youthday.<p class="has-drop-cap" value="<amp-fit-text layout="fixed-height" min-font-size="6" max-font-size="72" height="80">"We recently established a 75 billion Naira Nigerian YouthsInvestment Fund (NYIF), as part of our commitment to creating opportunities for the youth of Nigeria.“We recently established a 75 billion Naira Nigerian YouthsInvestment Fund (NYIF), as part of our commitment to creating opportunities for the youth of Nigeria.
On this occasion of International Youth Day, I urge all our young people to take advantage of these opportunities,” the president wrote.
Also, president of the Senate Ahmad Lawan in a statement by his special adviser on Media, Ola Awoniyi in Abuja said that the youth deserved special attention as a vulnerable group and as the future of the nation.
The Senate leader said that the day was set aside by the United Nations to draw attention to issues concerning youths at the community,national and global levels.
He said :
”The education, knowledge, technical skills, and character of youths will determine the future conditions and character of the nation.
”Therefore, government must endeavor to create a system that nurtures the talents of youths and ensures their robust developmentas they grow into the leadership of society,”.
Lawan added that government owed the youth an environment that encouraged them to unleash their potential and realise their dreams.
The senior Lawmaker said that the National Assembly passed the Not- Too-Young to Run Bill, which President Muhammadu Buhari signed into law in May 2018, to avail the Nigerian Youths the opportunities to fully participate and aspire to any role in politics and governance.