The Central Bank of Nigeria (CBN) has revealed the implementation framework for the Nigerian Youth Investment Fund.

This was disclosed in a publication by the Development Finance Department under the auspices of the Central Bank of Nigeria.

The CBN stated that the Nigerian Youth Investment Fund (N-YIF) would be funded through NIRSAL MFB window, with an initial take-off seed capital of N12.5 billion.

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The N-YIF aims to financially empower Nigerian youths to generate at least 500,000 jobs between 2020 and 2023.

Objectives of the scheme:

•  Improve access to finance for youths and youth-owned enterprises for national development.
•  Generate much-needed employment opportunities to curb youth restiveness.
•  Boost the managerial capacity of the youths, and develop their potentials to become the future large corporate organizations.

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What you should know

Recall that on the 22nd of July, 2020, the Federal Executive Council (FEC) approved the sum of N75 billion for the establishment of the Nigeria Youth Investment Fund for the period of 2020 – 2023.

The fund was created to support the innovative ideas, skills and talents of Nigerian youths, and to institutionally provide Nigerian youths with a special window for accessing much-needed funds, finances, business management skills and other inputs critical for sustainable enterprise development.

• The fund targets young people between the ages of 18 and 35 years.
• Beneficiaries of NMFB, TCF and AgSMEIS loans, and other government loan schemes that remain unpaid are also not eligible to participate.
• Individuals (unregistered businesses) shall be determined based on activity/nature of projects subject to the maximum of N250,000.
• Registered businesses (Business name, Limited Liability, Cooperative, Commodity Association) shall be determined by activity/nature of projects subject to the maximum of N3.0 million (including working capital).
• The tenor of the intervention is for a Maximum of 5 years, depending on the nature of the business and the assets acquired, of which interest rate of not more than 5% under the intervention shall be charged annually.
• The Federal Ministry of Youth and Sports Development (FMYSD) will collaborate with relevant stakeholders to identify potential training for training/mentoring.
• The youths that are duly screened (and undergo the mandatory training where applicable) shall be advised to login to the portal provided by the NMFB to apply for the facility.

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Tech startup, Paystack has disclosed that it partnered with Google to aid over 500,000 Small and Medium-sized enterprises (SMEs) in Nigeria, Kenya and South Africa.

This was revealed via its Twitter handle.

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Shola Akinlade, Founder of the company, stated that the partnership would enable the reliability of their work, “which would guarantee that all businesses paid via Paystack are thoroughly checked for legitimacy and credibility.

“In a low-trust environment like Nigeria, where many people are paying online for the first time, it’s important to deliver a safe, fraud-free experience, and this is a responsibility that Paystack takes extremely seriously.”

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⚡️ Hi team, we partnered with our friends at @Google to help over 500,000 SMEs in Nigeria, Kenya, and South Africa restart, recover and digitise their businesses with new tools, financial support, and training.

Get started here 👇🏾 https://t.co/0fdVl4ZUBp

— Paystack (@paystack) October 28, 2020

(READ MORE:Paypal to offer Cryptos by early 2021)

Why it matters: Paystack’s partnership with Google is to help SMEs to grow and digitise their businesses with new tools, financial support, and training. This would also help business communities in Nigeria, Kenya, and South Africa to rapidly grow.

What you should know: Google is an American multinational technology company that specializes in internet-related services and products.

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Nairametrics reported that the company had a partnership with Truecaller in 2018 to aid in the facilitation of online payments across Africa. The deal states that Paystack will use Truecaller’s database of verified phone numbers to authenticate payments for transactions executed on its platform.

Click here to apply.

Life has its ways of generating unforeseen emergencies that leave us stranded. You cannot exactly prepare for some of these incidences despite your dedication. However, unlike other emergencies, a financial emergency is something you can actually plan for and work towards. Hence, the question of how to plan for a financial emergency is very vital.

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The sudden declaration of curfew across several states in the country indicates that things could happen when you least expect. Traders who earn income from daily sales were the most affected; especially, the ones without laid down plans. Some white-collar workers too got a watered-down salary due to the situation, as the company made little or no profit.

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However, to ensure that you are prepared for the next wave of sudden income blockage, some basic decisions you have to make from the onset are:

1. Set up an emergency fund account: This is your most assured way of preparing for financial emergencies. It is non-negotiable. At every point, you should always have some money specially set aside for sorting bills in case of financial troubles. Although this seems like an obvious thing to do, in reality, most individuals do not have one. Financial experts recommend that the set-aside sum should be able to cater for at least 3 to 6 months of your basic expenses.
2. Ensure you stay debt-free as much as possible: When financial difficulties kick in, what becomes a burden is the regular payment obligation you have to make. Remember, there are already basic non-negotiable expenses that you have to meet, and adding debts makes it much worse. If you are currently in debt, channel your resources to pay back in time. Also, focus on paying debts with the highest interest rate first.
3. Slash down your expenses: As soon as the crisis kicks in, the first thing for you to do is to reevaluate. Run through your standard expenses and remove the wants. In a time like this, only the needs should stand. Keeping your expenses as low as possible would help you thrive better.

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Having understood how to prepare for financial emergencies, it is also critical that you understand how to deal with them. Preparation and dealing with the situation itself are two different things.

Here are some tips on how you can deal with the current financial situation:

1. Be critical about every financial decision: Financial debacles are mentally stressful and could cause you to make poor decisions. This is why, at every moment, you should think properly before making any money decisions. Practicing this would greatly help you steady the ship. Ask yourself what long-term consequences would this have on my credit and finance? If disastrous, you know what to do.
2. Explore other potential streams of income: One of the fastest and easiest ways to navigate financial emergencies is to explore other streams of income. What else can you do to make extra income that would help deal with the present situation? In real-time, looking for a side hustle while going through financial difficulties is not easy, but if you can pull it off, it would help a great deal.
3. Talk to a financial advisor: Lastly, you can always visit a financial advisor for a professional view on your current crisis. However, this may be a little tricky because you would have to pay for their services. But the right person can help you get your finances in check from the very first day, as opposed to you trying to put things together by yourself.

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Bottomline

Emerging successfully from financial emergencies depends on how well you can prepare ahead, steady your ship, and navigate the terrain. The good news is that if you are one of those who planned early enough, you are less likely to stay long there than those who are unprepared. Remember that your goal should not be to learn how to deal with the difficulty as it comes, but rather focus on being prepared ahead.