Mary Onyia
The Central Bank of Nigeria, CBN, has expressed readiness to commence the implementation of the N75billion Youth Investment Fund which was launched recently, while disclosing businesses and activities that are eligible and not eligible to benefit from the fund.
This was revealed in the framework for the implementation of the Nigeria Youth Investment Fund, published by the Central Bank of Nigeria and signed by its Director, Development Finance Department.
The scheme is aimed at generating over 500,000 jobs between 2020 and 2023 through financially empowering Nigerian youths, with the needed funds to grow their businesses.
The Apex bank lists conditions that applicants must meet before accessing the fund and those eligible and ineligible to benefit from the scheme.
Those unqualified are: applicants that are currently enjoying NIRSAL Microfinance Bank (NMFB) loans – which includes Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS) loans, that remains unpaid as well as beneficiaries of other government loan schemes that remain unpaid.
Those eligible for the scheme include;
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
Trading and services
The CBN, however, states that preference shall be given to enterprises that will support the growth of priority sectors, specifically those identified by the Economic and Recovery Growth Plan (ERGP) and the Nigerian Youth Employment Action Plan.
The Federal Ministry of Youth and Sports Development is expected to collaborate with relevant stakeholders to identify potential youths for training and mentoring. The youths that are duly screened (and undergo the mandatory training where applicable) shall be advised to log on to the portal provided by the NIRSAL Microfinance Bank (NMFB) to apply for the facility.
The N75 billion Nigerian Youth Investment Fund was set up by the Federal Government to invest in the innovative ideas, skills, and talents of Nigerian Youth and to institutionally provide the Nigerian youth with a special window for accessing much-needed funds, finances, business management skills, and other inputs critical for sustainable enterprise development.
The Federal Ministry of Youth and Sports Development is the lead implementation entity and is responsible for budgetary provisions and for funds mobilization.