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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- 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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We hope for the best….
We pray they Fastrack the training
Why age? 36 above are not human.why are we deceiving ourself.
The policy is laudable as it always looks good on paper but govt bureaucracy and nepotism coupled with tribalistic sentiment always render such schemes impotent or docile. I keep my fingers crossed
Why are local governments in Cross River State not included in the residential address?
Why are local governments in Cross River State not included in the residential address?
How can I apply pls
My wife’s Application has just been approved and she’s been given 1.5m loan under this scheme. I’m so grateful. She’s in the creative and training sector.