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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.
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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:
- 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.
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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.
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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.
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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.
The Federal Ministry of Youth and Sports Development is the lead implementation entity and is responsible for budgetary provisions and for funds mobilization.
… Having issues with my BVN which I’ve rectified yet I notified that I’m ineligible, in this case what should I do?
I have sent my detail in respect of youth investment and how will I get the investment loan having gave out my BVN
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
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
Why isn’t the link for the application shown in the above write-up..
Pls I need the link
How can i apply for this because right now in my life i really need this
Pls how can i apply for this? Because I’m Eligible.
How can I apply for the loan, because I want to use it for fram production
Pls, how can I apply for this
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,
Pls how can I apply for this,am Eligible ????????
I just do no trust anything about this Nigeria. They can make one go through hell and still won’t grant your request