Criteria Nigerians must meet to access N75 billion Youth Investment Fund – CBN
The federal government has published a list of criteria that must be met for prospective beneficiaries of the N75 billion investment fund for Nigerian youths. The scheme which is run by NIRSAL Microfinance, a micro-finance outfit owned by the Central Bank of Nigeria (CBN), was developed by the ministry of youth and sports, PM News reports.
The Federal Executive Council approved the establishment of the fund for three years (2020–2023) to assist the Nigerian youth with much-needed funds for their businesses.
According to the framework, NIRSAL Microfinance Bank (NMFB), the financial institution to manage the scheme, will be funded with an initial take-off seed capital of N12.5 billion.
In its framework for the implementation of the scheme published on its site on Wednesday, the apex bank also identified the applicants not eligible to benefit from the fund.
It said the scheme’s aim is to financially empower Nigeria youth to generate at least 500,000 jobs between 2020 and 2023.
Criteria To Access N75 billion Youth Investment Fund
Both informal and formal business enterprises will benefit from the scheme. For individuals or sole proprietors of an informal enterprise to be eligible, they must fulfill the following conditions:
Below is a list of conditions that qualifies an applicant to benefit from the programme:
- An applicant must be a Nigerian youth within the age range of 18-35 years.
- A prospective beneficiary must own business/enterprises situated and functional in the country
- The applicant must not have any criminal record in the last 10 years
- Applicants must have a valid Bank Verification Number (BVN)
- he or she must have a 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;:
- Evidence of registration with Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A);
- Business questionnaire;
- List of Directors with BVN number
- Evidence of regulatory approvals (where applicable)
- Tax Identification Number (TIN)
Persons who cannot apply for the initiative are those who at the moment benefit from the NMFB loans as well as the Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS) even if they are yet unpaid.
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