The federal government recently introduced N75 billion Youth Investment fund but the CBN has now listed fresh conditions you must meet to receive the fund.
The scheme’s aim is to financially empower Nigeria youth to generate at least 500,000 jobs between 2020 and 2023.
Who Are Those To Benefit?
Both informal and formal business enterprises will benefit from the scheme. For individuals or sole proprietors of informal enterprise to be eligible, they must fulfil 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.
For the formal business enterprises (Youth Owned Enterprises), that are legal entities duly registered with the Corporate Affairs Commission (CAC) these require the following documents;
(i) Evidence of registration with the 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).
However, 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.”
Note: individuals with unregistered businesses can get up to N250,000 loan while registered businesses can get up to N3 million (including working capital) with not more than 5 per cent per annum interest rate.
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 and Trading and Services.