- Certain conditions must be met before any Nigerian youths can apply for the N75 billion investment fund
- The federal government listed the conditions on Thursday, October 29
- The programme is being managed by the ministry of youths and sports
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 by 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.
According to the ministry, only N12.5 billion of the fund is which will be used to sponsor the transition of informal enterprises owned by youths into the mainstream economy of the country.
Below is a list of conditions that qualifies an applicant to benefit from the programme:
1. An applicant must be a Nigerian youth within the age range of 18-35 years.
2. A prospective beneficiary must own business/enterprises situated and functional in the country
3. An applicant must not have any criminal record in the last 10 years
4. Applicants must have a valid Bank Verification Number (BVN)
5. he or she must have a local government indigene certificate.
Having met the above-listed conditions, applicants must be in possession of the following:
(i) Evidence of registration with Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A);
(ii) Business questionnaire;
(iii) List of Directors with BVN number
(iv) Evidence of regulatory approvals (where applicable)
(v) 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.
Moreover, beneficiaries of other government loan schemes who are not paid yet can also not apply for the NYIF.
Earlier, the federal government released the link for the NYIF aimed at supporting innovative Nigerian youths between the ages of 18 and 35.
The special assistant to President Muhammadu Buhari on social media, Lauretta Onochie, made this known on Wednesday, October 14.
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