Nigeria Business Information
No Result
View All Result
Wednesday, May 25, 2022
  • Login
  • Register
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription
Subscribe
Nigeria Business Information
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription
No Result
View All Result
Nigeria Business Information
No Result
View All Result
Home Business, Loans and Grant

Read CBN Detailed Guidelines for Nigeria Youth Investment Fund (NYIF) Loan

by Temitope O.
October 30, 2020
in Business, Loans and Grant
Cbn Nigeria Youth Investment Fund Nyif Loan

The Central Bank of Nigeria (CBN) has released the framework for young Nigerians between the ages of 18-35 to access the N75 Billion Nigeria Youth Investment Fund (NYIF) Loan. The N-YIF, an Initiative of the Federal Ministry of Youth and Sports Development, is to be managed and disbursed by the NIRSAL Microfinance Bank (NMFB).

According to the CBN framework, the Nigerian Youth Employment Action Plan was developed as a built-in strategy to respond effectively to the youth employment challenge in Nigeria. The NYIF aims to financially empower Nigeria youth to generate at least 500,000 jobs between 2020 and 2023.

OBJECTIVES
• Improve access to finance for youth and youth-owned enterprises for national development.
• Generate much-needed employment opportunities to curb youth restiveness.
• Boost the managerial capacity of the youth and develop their potentials to become future large corporate organizations.

ELIGIBILITY
(a) Informal Business Enterprises (Individuals and Sole Proprietors)
The CBN agreed that a huge percentage of youth with the age bracket are engaged in the informal sector. Accordingly, the NYIF will facilitate the transition of informal enterprises owned by youth into the formal mainstream economy where they can be supported comprehensively, build a bankable track record; and be accurately captured as active participants in economic development. An eligible youth must fulfill the following conditions:
(i) Be a youth within the age bracket of 18-35 years.
(ii) Have business/enterprises domiciled and operational in Nigeria.
(iii) Has not been convicted of any financial crime in the last 10 years.
(v) Has a valid Bank Verification Number (BVN)
(vi) Possess Local Government Indigene Certificate.

(b) Formal Business Enterprises (Youth Owned Enterprises)
These are enterprises that are legal entities duly registered with the Corporate Affairs Commission (CAC). Documents Required:
(i) Evidence of registration with Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A);
(ii) Business questionnaire;
(iii) List of Directors with BVN nos.;
(iv) Evidence of regulatory approvals (where applicable);
(v) Tax Identification Number (TIN).
Cooperative societies duly registered with the relevant government authorities and members of Commodity Associations that fall within the eligible age bracket are also eligible to participate.
Applicants currently enjoying NMFB loans, including the Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme – AgSMEIS loans that remain unpaid are NOT eligible to apply. Beneficiaries of other government loan schemes that remain unpaid are also not eligible to participate.

RelatedPosts

CBN promises to support Nigerian manufacturers with single digit interest rate loans

How to Apply for CBN 100 for 100 Policy on Production and Productivity (PPP) – Maximum of N5 Billion Accessible

CBN to bear 50% credit risk of Anchor Borrowers Programme (ABP) Unrecovered Loan

READ: Detailed List of CBN Loans and Fund Interventions For SME Businesses and Agriculture – Plus Application Guidelines

ELIGIBLE BUSINESSES
Legally allowed activities in the sectors or focal areas listed below shall be eligible:
(i) Technology/ Innovation;
(ii) Agriculture and related value chain;
(iii) Green Economy and Renewable energy sector;
(iv) Manufacturing,
(v) Hospitality/Tourism;
(vi) Construction;
(vii) Logistics and supply chain;
(viii) Healthcare value chain,
(ix) Creative sector and
(x) Trading and Services.
(xi) Others as may be determined by NYIF/CBN from time to time.

Tenor: Maximum of 5 years depending on the nature of the business and the assets acquired.

Interest Rate: The interest rate under the intervention shall be at not more than 5% per annum (all-inclusive).

APPLICATION PROCEDURE
The MYSD will collaborate with relevant stakeholders to identify potential training
for training/mentoring.
The youths that are duly screened (Applicants shall undergo a compulsory entrepreneurship training arranged or approved by the Federal Ministry of Youth and Sports Development) shall be advised to log on to the portal provided by the NMFB to apply for the facility.

To ensure equitable participation and even access to finance by the youth across the country, applications will be batched according to State and Local Government Areas (LGA) of applicants. The Bank promotes gender parity, therefore the female entrepreneurs are encouraged to apply.

Visit NIRSAL Microfinance Bank (NMFB) to start registration.

TOOLKIT: Are You New to Tenders/Contract Bidding and Require Assistance? CLICK HERE

Tags: CBN LoanNigeria Youth Investment FundNYIF loan
ShareTweetShare

POPULAR

  • International Organisation For Migration

    International Organization For Migration (IOM)- Invitation To Bid For The Supply And Delivery Of Various IT Equipment For ENBMC (11 Lots)

    0 shares
    Share 0 Tweet 0
  • International Organization For Migration (IOM)- Request For Quotation For The Proposed Renovation Of MHAC Lagos Building At Joel Ogunnaike Street, Ikeja GRA, Lagos

    0 shares
    Share 0 Tweet 0
  • United States Embassy, Abuja- Request For Quotation For The Supply Of 2HP Panasonic Split Unit A/C (20 Items)

    0 shares
    Share 0 Tweet 0
  • Check List of NGO/Governments Tenders with May 2022 Deadlines

    0 shares
    Share 0 Tweet 0
  • How to Check for your Individual TIN (Tax Identification Number) Online

    0 shares
    Share 0 Tweet 0

Copyright © 2021. All Right Reserved Nigeria Business Information

No Result
View All Result
  • Home
  • Tenders
  • Auction
  • News
  • Grant
  • Subscription

Copyright © 2021. All Right Reserved Nigeria Business Information

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

instagram volgers kopen volgers kopen buy windows 10 pro buy windows 11 pro

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.