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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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.