Connect with us
nairametrics

Business News

How to access new N75 billion Nigerian Youth Investment Fund

Approval will range from N250, 000 to N50million with a spread across group applications.

Published

on

Nigerian youth

When the Federal Government approved the establishment of the N75 billion Nigerian Youth Investment Fund (NYIF), hundreds of thousands young Nigerians were excited about the innovation. They believe it could reduce the increasing unemployment rate, which has been worsened by the COVID-19 pandemic, in the country.

However, most of them are ignorant of how to access the investment fund and the purpose the fund was actually designed to address. Below are steps to access the facility and all you need to know about the scheme.

How to access loan

  • Potential beneficiaries are expected to have a fundable business idea.
  • Registered business
  • Must be a citizen  of Nigeria
  • Present recognised means of identification and guarantors.
  • Also, the Ministry of Youth and Sports claim that the safeguards built around some specifics being crafted around the fund will ensure that potential beneficiaries do not need to know anyone or be “connected” to access the fund.

Note: All processes are handled by the Ministry of Youth and Sports Development.

Who qualifies?

GTBank 728 x 90

It is meant to cater to the investment needs of those 18-35. An individual and group can apply for the loan.

Who provides fund:

The Ministry of Finance, Budget and National Planning (MFBNP) and the Central Bank of Nigeria (CBN) will provide the financing to kick-start the Nigeria Youth Investment Fund (NYIF).

Coronation ads

Loan range

The Loan, whose aim is to meet 500, 000 youths from 2020-2023, ranges approval will range from N250, 000 to N50m with a spread across group applications, individual applications, working capital loan set as one year and term loan set at three years with a single-digit interest rate of 5%.

A minimum of N25 billion each year in the next 3 years, totalling N75billion will be required to ring-fence the NYIF. For the remaining parts of 2020, N12.5 billion will be needed to kick start the NYIF. It is expected that successive governments will keep the fund alive.

Disbursement

It would be disbursed through various channels like Micro Credit Organisations across the country under the Central Bank of Nigeria supported by BOI, Fintech Organisations and Venture Capital Organisations registered with the CBN.

Jaiz bank ads

Why it is different

Stanbic IBTC

NYIF provides a single-window of Investment Fund for the youth thereby creating a common bucket for all Nigerian youth to access Government support. Providing less cumbersome access to credit and finance for the average Nigerian youth and help lift thousands of the youth out of poverty and birth a whole generation of entrepreneurs.

Click here for further details

Last Wednesday, Nairametrics reported that the Federal Executive Council approved the establishment of a N75 billion NYIF to support enterprise among 68 million Nigerian youths between ages 18 and 35.

The Minister of Youth and Sports Development, Sunday Dare, explained that the funds will not just be randomly distributed among youths, but will be used to assist the most qualified ones with genuine business ideas.

“For the first time in the history of Nigeria, the Federal Executive Council today approved the establishment of the Nigerian Youth Investment Fund (NYIF) to the tune of N75 billion,” he said.

He explained that qualified youths who fall within the stipulated age bracket and have genuine business ideas “can approach any of the 125 micro-credit banks across the country to access it.

The minister added that the fund is meant to create a special window for accessing credit facilities and financing on the part of youths that will help to fund their ideas, innovations and also support their enterprise.

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

35 Comments

35 Comments

  1. Kissinger

    July 26, 2020 at 8:00 am

    Please sir must the business be a registered one. I thought they said business ideas.

    • Joseph

      October 27, 2020 at 10:07 pm

      Why 28- 35 years alone, some are under 40 years but not eligible, are we not a Nigeria too, how do we benefit from government if this scheme requires age limit, are leats 40 years is still okay

  2. Chris

    July 26, 2020 at 3:33 pm

    Hello sir precisely which institution can one contact to apply for the loan

    Chris

    • Anonymous

      October 29, 2020 at 8:04 am

      Has it expired? And how can one apply?

  3. Ebenezer Olusola AKINTERINWA

    July 26, 2020 at 7:32 pm

    How does one access this loan and is it for agricultural business alone?

    • Rosemary

      October 25, 2020 at 2:56 pm

      Why the age constraint? What about persons in their 40s who have been suffering all these while. Please they should extend the eligible age bracket.

  4. Emmanuel

    July 27, 2020 at 8:04 am

    Who are the micro credit institutions across the country to be contacted?

  5. Mal.shehu haruna mashi

    July 28, 2020 at 2:26 pm

    Pls sir where did we accesses the loan form

  6. Anonymous

    July 29, 2020 at 4:45 pm

    Sir who are the micro credit institutions across the country

    • Anonymous

      July 30, 2020 at 10:22 am

      how can we access it sir

      • Saliu Olayinka O.

        August 8, 2020 at 8:49 am

        I have been to sport and youth in ijebu ode stadium and i was directed to MKO Abiola stadium at Abeokuta but they said that they have not see any circular for loan. Pls if throughly they want the youth to benefit from this loan. They should direct us properly before it’s closed. Thanks

        • Onyedikachi Ogbonnaya

          October 23, 2020 at 12:43 pm

          How and where can we find the micro credit institute in Nigeria

  7. Joseph Olukayode

    August 9, 2020 at 5:52 pm

    Pls how can I go about the application of this loan? I have an existing business

    • Osaretin Sunday omagbon

      October 27, 2020 at 9:34 pm

      Sir, can’t the age bracket be extend to 40s. Pls kindly direct me to relevant govt. Agencies to could support me with fund to expand my crops farm

      • Onoja ojonugwa Matthew

        October 28, 2020 at 10:36 am

        pls how can I go about the application of this loan? I have an existing Busines

  8. Happiness Amos Udoaka

    August 12, 2020 at 2:19 am

    This will be a good and a welcome development and I also Thank the government for doing this for us,,, But when are we getting it or when are we going to fill the form, Thanks,

    • Oyinkansola Olasalami

      August 14, 2020 at 8:53 am

      Pls can have a list of the institutions in charge of disbursement of this loan, so as to enable us take the right steps

  9. Jimoh abdulrasaq

    September 6, 2020 at 4:40 pm

    6 months is too small to repayment of 5000000

  10. Tizhe ZIRA

    October 8, 2020 at 11:07 am

    Good morning I hope y’all feel better in respect to what the FG wants for his people with business ideas and the requirements said it had to be registered to be real we have all the business ideas to make more to our future Nigeria . We don’t have the capital to start up the business talk more to register so I will say for myself now my business idea are not register .so please the FG should give a room for registration even online or coming to a designated Area thank you for your understanding I will real love to have a big dream business for my country Nigeria .unity peace

  11. Anonymous

    October 16, 2020 at 5:45 pm

    Hi Sir haw can someone apply

  12. Anonymous

    October 16, 2020 at 11:39 pm

    Is it must that the business must be registered one or any business idea can apply for the loan

    • Alasela Toheeb Opeyemi

      October 30, 2020 at 2:24 pm

      How can I go application for this loan?

  13. Amos

    October 16, 2020 at 11:41 pm

    Is it must that the business must be registered one or any business idea can apply for the loan

  14. Olanrewaju Abiodun

    October 20, 2020 at 8:29 am

    How does one access this loan, as an unemployed are entitled to this offer.

  15. Charles Oyenowo

    October 24, 2020 at 1:14 pm

    I have registered company already,
    I’m from the coastal area of ondo State Ilaje Ese odo local government, I’m a young man with business idea no funds to run it,
    My fish/crayfish business have been lobbing around for my years now no assistance from anywhere, you all know how important fish farm is important to community and human nature.
    Please seriously need the fund assistance from the government.

    • Stephen

      October 25, 2020 at 8:39 pm

      How can i apply, or link to register with NYIF
      Pls send me the link. I live in lagos i sell Tyres and motor spare part

  16. Aremu Oluwatoyin

    October 25, 2020 at 2:06 pm

    Good afternoon, am a farmer how can I access the loan . You said only registered business.

  17. Bolaji

    October 26, 2020 at 3:54 pm

    The scheme was explained but not the process to acquire the loan

  18. T. T. Chuks

    October 28, 2020 at 3:47 am

    If the FG likes let them reduce the age of beneficiaries to 10 – 15 years. Nigeria, I will NEVER falsify my age because of you. Those who graduated for long are being cut off from the economy of the nation. When those who occupy offices, embezzle our money and make these laws are in their 60s to 80s, they’ll not like people in their 40s and 50s to partake in any benefit in the nation. When it comes to suffering and elections you will remember them. Let evil slay all the wicked leaders, who make repressive laws in nigeria.

  19. Stanley ojieh

    October 29, 2020 at 9:03 am

    This is a good thing, but this is Nigeria, how sure is it sir, that this loan will get to every one that apply for it.

  20. Adewunmi

    October 29, 2020 at 11:57 am

    This is a welcome idea. But,why must it be only registered businesses. How many of our youths doing business were registered under CAC. They should please and do something about this if truly they really want to help Nigeria youths and let Nigeria know exactly when this programme will going to commence

  21. Anthony David.

    October 29, 2020 at 2:54 pm

    First I wanna said a big thanks to the Government for coming up with this idea to help the youth. But one thing that i observed that is not right is segregation, if the Government wants to help Nigerians then help them equally, why saying from the age of 18-35 years alone that are still singles, what about from 35 and above that has family to care for, are they not Nigerians, don’t their family deserved good life? Secondly, why is it people with registry business alone, what about those that wanna start somewhere don’t they need capital to start up, or don’t the Government knows that every successful registeted business personnel today started from the scratch with the help of someone, why can’t the Government give loan to citizens that want to start from the scratch as well? So please, the Government should look into this again and help the less previlege poor Nigerians generally, not just some people that are already made alone to boost up their business, that way majority of Nigerians can live average comfortable life, that way the rate of poverty, crimes and prostitution will stop. Thank you.

  22. Samuel sambo

    October 30, 2020 at 8:23 am

    Please where exactly can we get the link to get the loan

  23. Anioma chukwudi

    October 31, 2020 at 9:28 am

    Which institution can one contact to apply for the loan?

  24. Ochuko

    October 31, 2020 at 5:40 pm

    I welcome the idea from the Federal Government. But I think the age should be extended to above 40, reason is that there so many in their 40s who have great business ideas, existing business, but have suffered a lot of setbacks due to circumstances. And the Federal Government should also make online applications available for easy access. Thank you.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

US Government removes visa reciprocity fees for Nigerians from December 3

The US government has removed all visa reciprocity fees for Nigerian citizens seeking visas to the US.

Published

on

The United States government has announced the removal of all visa reciprocity fees for Nigerian citizens seeking visas to the US with effect from December 3.

This disclosure was made through a statement titled, ‘Update on removal of visa fees for Nigerian citizens by the US Government,’ by the Federal Ministry of Finance on Saturday, December 4, 2020, and signed by the ministry’s Spokesperson, Ferdinand Nwonye.

The Federal Government revealed that this positive development follows the removal of excess visa application, processing and biometric fees for United States citizens applying for Nigerian visas by the Nigerian Government.

The statement from the Foreign Affairs Ministry reads, “The Ministry of Foreign Affairs wishes to inform that the United States Government has removed all visa reciprocity fees for Nigerian citizens seeking visas to the United States.

“The positive development is in line with the removal of excess visa application, processing and biometric fees for the United States citizens applying for Nigerian visas by the Nigerian Government. The United States Government has therefore eliminated reciprocity fees for Nigerian citizens with effect from December 3, 2020.”

GTBank 728 x 90

The foreign affairs ministry, in the statement, also advised prospective travellers to the United States to visit www.travel.state.gov for details.

What you should know

  • It can be recalled that in 2019, the Donald Trump administration had imposed the reciprocity fee for all approved non-immigrant visa applications by Nigerians. This fee was charged in addition to visa application fees for only applicants who were issued visas.
  • While imposing the additional reciprocity fees, which ranged from $80 to $303 depending on the class of visa, the US Embassy in Nigeria disclosed that the reciprocity fees were a fallout of unsuccessful talks with the Nigerian government over the reduction of visa fees it charged United States citizens.

 

Coronation ads

Continue Reading

Corporate Press Releases

Technology now a great tool to drive desired growth in Nigeria, amid COVID – FITC

FITC is passionate about empowering the youths with the right skills and knowledge needed to excel in todays’ tech-driven world.

Published

on

Financial Institutions Training Centre (FITC)

The Financial Institutions Training Centre (FITC) has stated that technology has become a great tool for driving the desired changes in Nigeria, altering ways of life, individual engagements and interactions, especially amid Coronavirus pandemic.

During a webinar organised by the Centre and attended by Nairametrics, Managing Director/ CEO, FITC, Chizor Malize, explained that the 20th century has recorded major breakthroughs in technology through innovation in health, energy production, disease control, business engagement, financial services, and other enterprise solutions.

Explore Data on the Nairametrics Research Website

She lauded the event partners and sponsors – Bank of Industry, Stanbic IBTC, International Business Machines Corporation (IBM) and media partners; Nairametrics, Regtech, BBbuzz, The Nation and Financial Nigeria for making the event a huge success.

One of the speakers, the Managing Director of Zercom Systems, a software technology company, Tayo Awosanya, noted that digitization, creativity, and resourcefulness are key elements in achieving personal and organizational success in today’s world. He noted that one of the very bright spots on COVID-19 pandemic is the acceleration in digital learning being witnessed across the different sector of the economy.

GTBank 728 x 90

READ: FG records $9 million transactions from SheTrades since 2016 

For Tayo, aside from turning to technology for effective and smart learning outside the classrooms, the pandemic has triggered rapid online product advertisements which is a formidable space for everyone to explore in growing their businesses and acquiring knowledge, which in turn can also become a huge source of livelihood for implementors.

In her submissions, Chief of Staff/ Co-Founder, Future of Africa, Adenike Sheriff, urged youths to consider ways of designing and implementing solutions amid challenges. She disclosed that while Africa has a plethora of problems, the problems invariably presents opportunities for the people of the continent to explore and deploy solutions for the benefits of mankind.

Coronation ads

READ: Infrastructural financing in Nigeria: Why bonds are better than loans

According to Sheriff, leveraging and finding investible ideas opens doors for organizations that will provide the needed take-off grants. Still, the promoter of such idea, she said, must have a clear understanding of how it works and what to do to turn it to reality.

Musty Mustapha, Co-Founder & CTO of Kuda, who spoke on the “Rise of Bedroom Coders” among others, stated that more Africans, many of whom are women, are learning software development with free resources online. He noted that as the continent produces coders, potentially disruptive start-ups are being founded in sectors ranging from fintech to transportation.

READ: Corruption still responsible for Nigerians’ sufferings – Buhari

According to Musty, while digitization is spreading across the African continent, it is not quite a revolution yet. “Only about 20% of the people living in sub-Saharan Africa have internet subscriptions. In the same region, the average subscriber uses 300MB of internet data in a month,” Musty noted.

Jaiz bank ads

While listing the gains of affordable banking services to the people, economy, and businesses, Musty noted that smart technology is leading and bringing people to take advantage of the global digitization that is taking place.

Stanbic IBTC

READ: Okonjo-Iweala shares her vision with WTO members, as she pitches for DG post

“There are lots of start-ups springing up around Nigeria, and people have to take advantage of the industry that is exploding. What we need currently, is the democratization of knowledge to enable more people take advantage of technology to drive their businesses and promote connectivity” Musty stated.

Also at the event, FITC announced the top three winners in the maiden edition of its Youth Connect Essay Challenge 2020.

The winners were announced during the FITC’s virtual Pan African Technology Summit which held on Tuesday, December 1, 2020, in Lagos, with the theme: “Accelerating Growth and Development in Africa: The Role of Technology and Innovation”.

Oke Donatus Chibuzor, an undergraduate from the National Open University, Lagos, Nigeria was announced the star prize winner for the essay competition. He was rewarded with $1,000 cash prize, a laptop, a Leadership Certification programme and a one-year mentorship programme.

The second prize went to Abdul Pelumi Ganiyu, a 20-year old undergraduate at the University of Ilorin, Kwara State, who received $500, a laptop and one-year mentorship programme while Ololade Oshodi, a 23-year old undergraduate at the University of Lagos, emerged as the third-place winner and was awarded a laptop and one-year Mentorship programme.

In their comments, the judges said submissions by the finalists were judged on originality, expression, creativity, and appropriateness to the theme.

Speakers at the summit and awards event – Managing Director/ CEO, FITC, Chizor Malize, as the key note speaker, Tayo Awosanya, Managing Director, Zercom Systems; Greg Malize, Founder, IMPACTGEN; Adenike Sheriff, Chief of Staff/Co-founder, Future of Africa and Musty Mustapha, Co-Founder, Kuda- discussed extensively on the growth and development Africa can achieve by leveraging on technology.

Malize, stated that FITC is passionate about empowering the youths with the right skills and knowledge needed to excel in todays’ tech-driven world. She noted that the star prize winner went the extra mile in his report to give depth and showed mastery of the subject, which gave him an edge over others.

app

“Africa is filled with very intelligent people and we are proud of all the contestants for the zeal and knowledge displayed in the course of the exercise. FITC will be adopting all winners from across Africa and exposing them to fantastic programmes in the next one year.

“This is definitely not a winner takes it all programme as there is something significant for everyone that has shown interest and commitment in this maiden edition,” she assured.

Continue Reading

Hospitality & Travel

COVID-19: Over 70% of jobs lost in aviation, tourism industries in 2020 – AfDB

The AfDB has stated that about 5 million jobs have been lost in the aviation and tourism industries in Africa due to the COVID-19 pandemic.

Published

on

Aviation in Africa

About 5 million out of Africa’s 7 million aviation and tourism industry-related jobs have been lost in 2020. Also, as much as $15 billion in revenue, half of this to African airlines.

This was disclosed by the African Development Bank (AfDB) in a statement issued and seen by Nairametrics on Friday.

READ: FG bars aides of VIPs from airport terminals, to grant loans to airlines, others at 5%

Vice President for Infrastructure, Industrialization and Private Sector, AfDB, Solomon Quaynor explained that the pandemic’s effect was felt more in Africa, a claim that was backed up by numerous panelists at the just concluded AfDB’s webinar themed ‘African Aviation Recovery Conference: coordinating an efficient response to the COVID-19 crisis’s effects on the Aviation sector in Africa.’

READ: FG to double number of airports across the country by 2023

GTBank 728 x 90

He said, “The air transport system is really at the forefront of all our collective objectives to realize Africa as a single economic bloc. The centrality of the aviation sector to Africa’s long-term goals by referencing three flagship projects of the AU’s Agenda 2063 that aim to advance open skies and closer connectivity: SAATM, The African Continental Free Trade Area, and the African Passport-Free movement of people.

READ: These are the sad reasons Nigerian airlines struggle and fail 

“The air transport system is really at the forefront of all our collective objectives to realize Africa as a single economic bloc of 1.3 billion people with a GDP of almost 3 trillion dollars, for which we want to begin to really focus and increase trade among ourselves, as well as investment.”

Coronation ads

Also at the event, Minister of Aviation, Hadi Sirika called on African governments to embrace full liberalisation of the aviation sector, invoking the Yamoussoukro Decision, which established an arrangement for the gradual liberalization of intra-Africa air transport services.

READ: Aviation: Aviation sector grasps for stimulus in worst ever crisis

He said, “Nigeria today has all its bilateral air service agreements with the YD and was also among the first ten countries that signed a commitment to implement the Single African Air Transport Market.”

Dr. Amani Abou Zeid, African Union Commission for Infrastructure and Energy, explained that Africa’s aviation industry represents a huge market that the continent’s airlines need to exploit more fully, with technology and AI offering the way forward for expansion, regional development experts.

READ: Plentywaka raises $300,000, seeks partners as it launches operations in Abuja

Jaiz bank ads

“Technology and smart technologies are offering this fantastic opportunity, so let’s make use of AI, let’s make use of the Internet of Things, let’s capacitate our people to revamp and to rethink our industry, to make sure that both our airports and our airlines cater for the very near future,” said Zeid.

Stanbic IBTC

READ: COVID-19: Travel agencies beg FG for interest-free loans

What they are saying

A key takeaway was the urgent need for coordinated action among the sector’s actors, including governments, aviation authorities and multilateral stakeholders such as the Bank.

“The time is now. All of us who have really been working on upstream issues such as SAATM, the World Bank, ourselves, the AU and others, now is the time to really pool our advocacy and resources to make this happen once and for all because if we continue to operate as a federation of 54 states as opposed to an integrated market, our economies will continue to be sub-optimal,” said Quaynor

READ: SAHCO acquires eco-friendly electric tractors for its ramp operations

Explore Data on the Nairametrics Research Website

Continue Reading