Check out conditions young Nigerians must meet in order to access the N75b youth investment fund and how to apply

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Check out conditions young Nigerians must meet in order to access the N75b youth investment fund and how to apply

The Central Bank of Nigeria has published conditions young Nigerians must meet to access the N75B youth investment fund initiated by the Federal Ministry of Youth And Sports Development.

In a document titled "NYIF Implementation Framework ", the apex bank disclosed that the plan targets young people between the ages of 18-35 years and details needed to support business establishment, expansion and consequent employment creation for youth in critical economic and social sectors. 

The Federal Executive Council on the 22nd of July, 2020 approved the sum of N75, 000,000,000.00 (seventy five billion naira) for the establishment of the Nigeria Youth Investment Fund for the period of 2020 – 2023 dedicated to investing in the innovative ideas, skills and talents of Nigerian Youth, and to institutionally provide our youth with a special window for accessing much-needed funds, finances, business management skills and other inputs critical for sustainable enterprise development. 

Eligibility Criteria for individuals and sole proprietors (Informal Business Enterprises) according to CBN.

An eligible youth must meet 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.

Youths who have already-registered businesses are required to provide the following documents;

(i) Evidence of registration with 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).

Note; 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. Beneficiaries of other government loan schemes that remain unpaid are also not eligible to participate

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