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Business

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:

  • 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.

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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.

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]

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        Business

        JAMB bans use of email by candidates for UTME, DE registration

        JAMB has announced that candidates for the UTME and Direct Entry will no longer be required to provide their email addresses at the point of registration.

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        The Joint Admission and Matriculation Board (JAMB) has announced that candidates for the Unified Tertiary Matriculation Examination (UTME) and Direct Entry will no longer be required to provide their email addresses at the point of registration.

        The new adjustment is to protect candidates from various forms of manipulation and distortion of their personal details by some fraudulent cyber café operators.

        The Registrar of JAMB, Prof. Is-haq Oloyede, who made the disclosure while addressing newsmen at the board’s headquarters on Wednesday in Bwari, Abuja, said the change, would take effect from Thursday, April 15, 2021.

        What the JAMB Registrar is saying

        Oloyede said, “They gain access to profiles of these candidates under the pretense of creating an email address for them. Then they change and block the candidates from receiving messages from the board. They also extort them after they change their passwords.

        In view of this, the board has come up with adjustments to our operations. The first decision is that beginning from Thursday, April 15, candidates would no longer be required to provide any email address during registration from this year onwards.

        It is by going to these cyber cafes to open emails that these candidates are open to abuse and stealing of their personal data,’’ he said.

        He said that the board now had a mobile app that would allow candidates to deal directly with the board with their smartphones or via SMS to ‘55019’ code option.

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        The code option, he explained, would allow candidates to check admission status as well as all other verifications via SMS.

        He said, “Printing of examination slips, results notification or raising tickets can be done anywhere by using candidates’ registration number only. However, at the close of registration every year, we would need the email addresses of the candidates so we can have access to as many of them as possible.

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        At the conclusion of registration, candidates are expected to send their email addresses through the mobile app or text message to the 55019 code twice, for validation. This is to update their profile with JAMB as the email will no longer be used as access to their profile, but rather as a communication tool with candidates.’

        While advising candidates to guard their phones with utmost care as it was the weapon for all transactions, Oloyede said that henceforth, all JAMB owned Computer-Based Tests (CBT) centres across the country, would only allow candidates with ATM cards into its centres.

        He said that in order to cut down on the activities of fraudsters who hijack candidates to extort money from them, the centres would no longer allow candidates go outside the centres to pay for their e-pins and other cash transactions.

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        The JAMB Registrar said, “Only candidates with ATM cards will be allowed into all JAMB owned CBT centres, it can be that of their parents as long as they have the pin for the transaction.

        “Those without ATM cards can go to other privately owned CBT centres where they can pay cash to register but we will not take cash or transact outside our centres.’’

        What you should know

        Meanwhile, in a related development, JAMB had said that the board lost over N10 million in 2020 to activities of fraudsters who penetrated their payment portal for ad-hoc staff.

        The JAMB Registrar said that the money, which was meant to pay JAMB ad-hoc staff from the 2020 Unified Tertiary Matriculation Examination (UTME), was hijacked by the suspected fraudsters.

        JAMB had a few days ago confirmed the commencement of registration for the 2021 UTME/DE examinations after the initial hiccup.

        It stated that applicants must provide NIN at the point of registration with the registration by Direct Entry candidates to run concurrently with that of UTME candidates.

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        Business

        FG grants 8 barge operations licenses as cargo movement to Onitsha port, others set to commence

        The government is likely to generate billions of naira in revenue from the movement of cargo from Lagos ports to other inland ports across the country.

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        We don’t have $1 billion hidden account – NPA

        The Federal Government has issued operating licences to about 8 barge operators to move containers from Lagos Ports to Onitsha River Port and other inland ports through the country’s inland waterways.

        This is as the government is likely to generate billions of naira in revenue with the planned movement of cargo from Lagos ports to Onitsha River Port and other inland ports across the country.

        According to a report from Thisday, the Federal Government would likely generate as much as N30 billion annually from that operation if well managed, although the Nigerian Inland Waterways Authority (NIWA) is yet to make the estimated revenue from the effort public so as not to jeopardize the project.

        This is coming after some government officials had in August 2020, announced that some government maritime agencies are working on modalities for the commencement of transportation of containers from Lagos ports to Onitsha River port through barges.

        The Managing Director of NIWA, George Moghalu, at a meeting with the stakeholders in Lagos, said that moving cargoes by waters through barges would be cheaper than roads adding that the initiative was part of ongoing efforts to solve the gridlock in Lagos ports.

        What the Managing Director of NIWA is saying

        He said that NIWA management decided to have a meeting with the barge operators that it has already licensed to fashion out ways to make the project successful.

        Moghalu specifically said, “So it is all about moving cargo between Lagos and Onitsha and other inland ports. We have licensed about eight barge operators. A lot of people have applied but we are being very careful because we have the Standard Operating manual, which we strictly insist that you have to meet all the requirements. At the same time also we do not lose sight of the fact that NPA also licenses barge operators. We try to synergise our operations so standards are not compromised.”

        He said the use of the nation’s waterways would save the country’s decaying infrastructure and the money spent on repairing and rebuilding them and increase revenue generated by the government.

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        On the security of cargo, the NIWA boss said: “Even on the road, there are security challenges. So, there are security challenges everywhere and there is no way we would discuss the movement of cargoes without looking at the security challenges. There’s a case of getting everybody involved, the Navy, Police, the NIWA Police, Marine Police and even the local communities because security is everybody’s concern and we all have to address it.”

        He pointed out that the charges for using the waterways would be cheaper than moving cargoes by road as the modalities for moving cargoes from Lagos to Onitsha is being worked out.

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        He said, “People are creating unnecessary fear about insecurity, when I came into the office and made up my mind to explore the possibility of using our inland waterways, everybody discouraged me. Then we did a trial run using Onne to Onitsha and it worked.

        It is about identifying the channel, and surveys on a regular basis. We have our report guiding those that are going to use it and they will use it. I don’t want to be discouraged and I don’t want anything to dampen my enthusiasm like the enthusiasm of those working with us, the channels are navigable and the consignment will move.”

        In case you missed it

        The National Inland Water Ways Authority had last month, made public its intention to move 1000 containers per trip from Lagos ports to Onitsha river port within a maximum duration of 4 days.

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        It said that the idea of hauling containers from Lagos ports via Burutu Ports to Onitsha River Port is to deliberately avoid the two small bridges of Gbarekolo and Bumandi, which are too tiny and shallow for sea-moving badges or vessels to ply.

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