CBN LAUNCHES N72 BILLION YOUTH INVESTMENT FUND.

The Central bank of Nigeria is set to release N75 billion to the youth as empowerment funds, However, they are criteria to access the N72 billion youth investment fund.

The fund is said to help Nigeria youth build their businesses and to also create over 500,000 jobs before the end of 2023.

The implementation of the N75 billion youth investment funds is said to last for 3 years which is between the year 2020 to 2023 in other to give every Nigerian youth the opportunity to get involved and access financial assistance to build their business.

Take note, the Youth Investment Fund from the Central Bank of Nigeria would be funded through NIRSAL MFB with a start-up seed capital of N12.5 billion.

The main reason for the implementation of the youth investment fund is to

1. Help generate job/employment opportunities for the youth to the estimated number of 500,000 by 2023.
2. Give the youth easy financial support to build their business and in turn to help the Nigerian economy.

On the 22nd day of July 2020, the N72 billion youth investment fund was approved by the Federal Executive council to empower the youth for 3 years.

However, the funds are not accessible by everybody as they are criteria you have to meet in other to acquire those funds.

Applicants not eligible for the N72 billion youth investment fund.

If you fall amount the category of people mentioned below, then you are not eligible to participate or apply for the N-YIF.

If you have any record of financial crime in the past 10 years.
If you have benefited from the NIRSAL Microfinance Bank (NMFB) loans and have not paid back yet.
Applicants who borrowed any government loans and is yet to payback

Both the registered and the non-registered business/enterprise can benefit from the N75billion youth investment fund with a limitation for the unregistered business.

Both the registered and the non-registered businesses must be owned by youth.

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Criteria for getting the funds

There are certain criteria put in place by the Central Bank of Nigeria which enable a particular applicant to have access to the investment funds, the criteria are stated below.

For Informal businesses:

You must be a youth, which means that your age bracket must fall between 18 to 35 years.
Applicants must have a particular business that is currently operating in Nigeria.
You must have a certificate of origin that indicates the Local Government you are from.
Have a BVN

For formal businesses that are legally registered with the Corporate Affairs Commission (CAC), you are required to provide

The proof/evidence that your business has been registered with the Corporate Affairs Commission (CAC).

2. The Bank Verification Number of all the Directors in your company.

Note

Youths with registered businesses are eligible to access up to N3 million which includes working capital however, the amount your receive is also determined by the type/nature of your business.
Individuals whose businesses are not registered will only have access to N250,000, although the type of business or project also determines the fund given.
Both the registered and non-registered businesses are to pay back the loan with an interest rate of 5% annually.
They will be cooperation between the Ministry of Youth and Sports Development with relevant stakeholders for training and monitoring.
Applicants are to undergo training and screenings before there can log in to the portal/website which will be given to them by the NMFB in other to access the fund.

Eligible Businesses

Businesses that fall under the below-listed categories are eligible to access the N72 million youth investment fund.

Technology/Innovation
Agriculture and related value chain
Green Economy and Renewable energy sector
ManufacturingHospitality/Tourism
Construction
Logistics and supply chain
Healthcare value chain
Creative sector
Trading and services
NYIF/CBN may still come up with other business categories from time to time.