The Central Bank of Nigeria (CBN), has disclosed businesses and activities that are eligible to benefit from the Nigeria Youth Investment Fund (NYIF),which was recently launched by the Federal Government. In today’s article we shall be looking at businesses eligible to apply for N75B Nigeria youth investment fund and ineligible business.
This was disclosed 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.
Applicant Ineligible to Apply
Applicant who are ineligible to apply for Nigeria youth investment fund include:
- 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.
- In addition, beneficiaries of other government loan schemes that remain unpaid are also not eligible to participate in this scheme.
Eligible Businesses to Apply
The CBN revealed in the framework business that are legal and eligible for this scheme. Eligible Business must fall under some categories which are:
- Agriculture and related value chain
- Green Economy and Renewable energy sector
- Logistics and supply chain
- Healthcare value chain
- Creative sector
- Trading and services
- Others as may be determined by NYIF/CBN from time to time.
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.
We have come to the conclusion of this article on Eligible businesses to apply for N75B Nigeria youth investment fund. We promise to bring you more updates on the NYIF.