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CBN discloses eligible businesses, those ineligible to apply for N75 billion Youth Investment Fund

The CBN has revealed businesses and applicants that are either eligible or ineligible to apply for the Nigeria Youth Investment Fund.

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The Central Bank of Nigeria (CBN), has disclosed businesses and activities that are eligible to benefit from the Nigeria Youth Investment Fund (NYIF), which was recently launched by the Federal Government. The apex bank also pointed out the applicants that are not eligible to apply to benefit from the funds.

This was disclosed in the framework for the implementation of the Nigeria Youth Investment Fund, published by the Central Bank of Nigeria and signed by its Director, Development Finance Department.

READ: CBN’s N50 billion loan: NIRSAL warns Nigerians against fake loan adverts

READ: NIRSAL MFB to offer loans to SMEs at 5% interest rate

Those Ineligible to apply

In the publication, applicants who are ineligible to apply for the funds, which is an initiative of the Federal Ministry of Youth and Sports Development are:

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  • Applicants that are currently enjoying NIRSAL Microfinance Bank (NMFB) loans – which includes Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS) loans, that remains unpaid.
  • In addition, beneficiaries of other government loan schemes that remain unpaid are also not eligible to participate in this scheme.

READ: CBN introduces N250 billion stimulus package for gas investment to ease pain of fuel price increase

Eligible Businesses/Activities

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.

READ: FG launches application for N75 billion Youth Investment Fund at 5% interest, how to apply

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READ: CBN reveals framework for the N75 billion Youth Investment Fund

The CBN, however, states that preference shall be given to enterprises that will support the growth of priority sectors, specifically those identified by the Economic and Recovery Growth Plan (ERGP) and the Nigerian Youth Employment Action Plan.

The Federal Ministry of Youth and Sports Development is expected to collaborate with relevant stakeholders to identify potential youths for training and mentoring. The youths that are duly screened (and undergo the mandatory training where applicable) shall be advised to log on to the portal provided by the NIRSAL Microfinance Bank (NMFB) to apply for the facility.

READ: Ruffer ’50 cent’ makes $2.6 billion, as Coronavirus strikes financial market

READ: NIPOST now set to deliver 2000 outlets for proposed NIRSAL MFB

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What you should know

The N75 billion Nigerian Youth Investment Fund was set up by the Federal Government to invest in the innovative ideas, skills, and talents of Nigerian Youth and to institutionally provide the Nigerian youth with a special window for accessing much-needed funds, finances, business management skills, and other inputs critical for sustainable enterprise development.

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The Federal Ministry of Youth and Sports Development is the lead implementation entity and is responsible for budgetary provisions and for funds mobilization.

READ: FG’s directive on IPPIS does not affect us – ASUU

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

14 Comments

14 Comments

  1. Anonymous

    October 29, 2020 at 12:47 pm

    … Having issues with my BVN which I’ve rectified yet I notified that I’m ineligible, in this case what should I do?

    • aigbokhan sylvester Ehis

      October 31, 2020 at 3:19 pm

      I have sent my detail in respect of youth investment and how will I get the investment loan having gave out my BVN

  2. Anonymous

    October 29, 2020 at 4:51 pm

    It’s like the government ONLY gives whosoever they like or let me say,they practically excluded me from this scheme,Let me also say that, since I was born up on till these day,I have never benefited from any government initiative, despite always applying almost every time they come up with these scam schemes…with the bvn,one can really see or identify the Nigerian that truly needs govt assistance….but NO, they rather push you aside…with less than #500 in one’s only bank account,how could the Nigeriangovernment turn a blind eye?if they really mean to alliviate poverty???and the account owner operates the account in the fct mainly???let it be on record, that’s why I took my time out to write these coz I don’t do it…bcoz the #30,000 naira or #50,000 can not in a thousand fold solve my problem

    • Oyegunle seun

      November 1, 2020 at 1:27 pm

      Am seun oyegunle please l need a loan for business development I need like 300,000 and I will be pay back end of the month

  3. Jude

    October 30, 2020 at 7:41 am

    Why isn’t the link for the application shown in the above write-up..
    Pls I need the link

  4. Nwobodo

    October 30, 2020 at 2:34 pm

    How can i apply for this because right now in my life i really need this

  5. Uko Amah Amah

    October 31, 2020 at 8:09 am

    Pls how can i apply for this? Because I’m Eligible.

  6. Grace anda

    October 31, 2020 at 4:28 pm

    How can I apply for the loan, because I want to use it for fram production

  7. Jenny

    November 1, 2020 at 3:44 am

    Pls, how can I apply for this

  8. diana

    November 1, 2020 at 1:43 pm

    i have been trying to apply but it keep showing me error….i dont know if there is something i am not doing right….i need help pls,

  9. Ilo Ebere Geraldine

    November 1, 2020 at 4:15 pm

    Pls how can I apply for this,am Eligible 🙏🏾🙏🏾🙏🏾🙏🏾

  10. Anonymous

    November 1, 2020 at 5:24 pm

    I just do no trust anything about this Nigeria. They can make one go through hell and still won’t grant your request

  11. Bernard asuqwo

    November 2, 2020 at 5:09 am

    I’m eligible with countless business ideas but I cnt apply cause of inability of the link to open, please I hv a good business idea that could make us milloniar in a year

  12. Michael Timothy

    November 4, 2020 at 9:51 pm

    In my understanding of this NYIF this is not a loan this is a certain amount of capital government will give you to start your business, then if that capital isn’t enough you have the access to apply for loan because of the program you have attended with the certificate

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Business

Terrorism: Nigeria records 39.1% reduction in deaths – GTI Report

Nigeria has recorded a 39.1% reduction in terror-related deaths, according to the 2020 Global Terrorism Index (GTI) report.

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The 2020 Global Terrorism Index (GTI) report, published annually by the Institute for Economics and Peace (IEP), based in the United States, indicates that terrorism incidents in Nigeria fell by 27% in 2019.

This represents the lowest level of terrorism in Nigeria since 2011, with terrorism deaths in Nigeria reduced to 1,245 last year – a 39.1% dip from the 2,043 deaths recorded in 2018.

Despite the overall decline in terrorism in Nigeria last year, the country is still ranked as the third most impacted country in the world by terrorism, a position it has maintained for five consecutive years since 2015.

According to the latest annual GTI report, Afghanistan and Iraq are respectively the first and second most affected countries by terrorism.

Highlights of the report

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  • The decline in both terrorism incidents and deaths in Nigeria is attributed to a significant reduction in violence by armed Fulani herdsmen.
  • The armed herdsmen are being held accountable for majority of terror-related deaths in 2018, with the latest GTI report showing a 72% decline in fatalities attributed to the herdsmen last year.
  • Terror-related deaths and incidents attributed to Boko Haram in Nigeria increased by 25% and 30% respectively from the prior year.
  • Over the past year, Boko Haram increased attacks on military targets, with deaths rising from 26 in 2018 to 148 in 2019.
  • Globally, deaths from terrorism fell in 2019 to 13,826. This represents a 15% dip from the previous year and the fifth consecutive year of decline since peaking in 2014.
  • Conflict remains the primary driver of terrorism, with over 96% of deaths from terrorism in 2019 occurring in countries that are already in conflict.

What you should know

  • GTI report is published annually by the Institute for Economics and Peace (IEP) based in the United States.
  • The GTI report, now in its eighth year, ranks 135 countries according to how they are impacted by terrorism. The indicators used by the GTI include the number of terrorist incidents, fatalities, injuries and property damage.
  • Boko Haram, the deadliest terrorist group in Nigeria ranks second in the world, behind the Taliban in Afghanistan.
  • There are 63 countries in 2019 that recorded at least one death from a terrorist attack and 17 countries that recorded over 100 deaths from terrorism. However, only Afghanistan and Nigeria recorded over 1,000 deaths and both countries had significant reductions in the number of people killed in 2019.
  • Globally, the report estimates the economic impact of violence, including military, homicide, incarceration and terrorism to be $14.5 trillion in 2019. This is the equivalent of 10.6% of global GDP. The global economic impact of terrorism alone was estimated to be $26.4 billion last year.
  • There are emerging new threats of politically-induced terrorism in North America, Western Europe, and Oceania, though with minimal fatalities.

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Business

FG, organized labour meeting over petrol, electricity tariff increase postponed to Monday

The meeting between the FG and Labour unions over petrol and electricity tariff increase has been postponed to Monday.

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The meeting between the Federal Government and the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) which was slated for Thursday following the recent increase in the pump price of petrol and electricity tariff has been postponed to Monday.

The change in date is to allow the federal government to consult properly on the pump price of petrol with organized labour insisting on the reversal of the price.

According to a report from Channels Television, this decision was reached after both parties had reconvened on Thursday evening, days after it was said the labour leaders walked out of an earlier meeting with the federal government on the same issue.

The Minister of Labour and Employment, Dr Chris Ngige, while addressing the meeting in Abuja, said, what happened on Sunday was not a walkout but a recess and that both the government and the labour unions were working on making the country better.

While giving assurances that the government would make sure that resolutions reached would be for the benefit of the Nigerian people, the Secretary to the Government of the Federation, Boss Mustapha, thanked the labour leaders for their show of patriotism, stressing that what happened on Sunday was a recess and not a breakdown of discussions.

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Ajaero, who represented the NLC President, Ayuba Wabba, who was absent at the meeting, disagreed with the remarks of the labour minister and the SGF that the last meeting was a recess, insisting that it did not end peacefully.

Other government officials present at the meeting include the Minister of State for Labour and Employment, Festus Keyamo; the Minister of State for Petroleum Resources, Timipre Sylva; and the Minister of Humanitarian Affairs, Sadiya Farouk.

What you should know: Nairametrics had reported that the organized labour had suspended their planned nationwide strike and protest in September following an agreement reached with the Federal Government in which the new petrol pump price should remain unchanged and a 2-week suspension of electricity tariff.

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They also agreed to set up a technical committee on electricity tariff reforms to look at the justification of the new policy in view of the need for the validation of the basis for the new cost-reflective tariff.

However, following another increase in petrol price a few weeks ago, the NLC criticized the government’s action and said it was a breach of an agreement with the government during their previous negotiations.

While saying that the union will not accept such arbitrary increases in the petrol pump price, the NLC President asked the government to revert to the old price.

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Business

No unregistered sim on our networks since September 2019 deactivation – Pantami

Pantami has disclosed that there is no improperly registered SIM on any network in the country since 26th of September 2019 deactivation.

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The Minister of the Federal Ministry of Communications and Digital Economy, Dr. Isa Pantami has disclosed that there is no improperly registered subscriber identification module (SIM) on any network in the country since the 26th of September 2019 deactivation.

This statement was made by Dr. Isa Pantami, according to the information contained in the press statement issued by Dr. Femi Adeluyi, Technical Assistant on Information Technology to the Minister.

READ: FG launches digitalizing of inmates registration and legal processing – Aregbesola

According to the information contained in the statement, the minister disclosed that based on the report submitted by the Nigerian Communications Commission (NCC), there is currently no improperly registered SIM on any Nigerian network.

He added that in the event of evidence to the contrary, the Honourable Minister will sanction any individual or institution found wanting.

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Furthermore, Dr. Pantami wrote to all security agencies on the 14th of October 2019 asking them to collaborate with the Ministry, and reach out whenever a crime has been aided and abetted through the use of telecommunication devices.

The minister added that no request by security agencies for assistance in the identification of owners of SIMs used for crime has gone untreated in his office.

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READ: NCC sets up portal for dissatisfied customers of MTN, Glo, others to lodge their complaints

What you should know

In a similar vein, the Honourable Minister has directed the NCC to ensure that they put modalities in place to tie the National Identify Number (NIN) to SIMs, as well as see to it that no unregistered SIMs are sold.

The Minister has also directed the National Identity Management Commission (NIMC) to significantly scale up the number of monthly NIN registrations.

READ: Over 2.2 million unregistered telephone lines blocked

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However, Dr. Pantami recently presented a Draft National Policy on Digital Identity for Internally Displaced Persons (IDPs) at the Federal Executive Council (FEC) which took place on the 11th of November, 2020.

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The memo was approved and will support in the provision of Digital IDs for Nigerians, thus assisting in the implementation of the Policy to tie NINs to SIMs.

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