The Federal Executive Council on July 22, 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 the youth with a special window for accessing much needed funds, finances, business management skills and other inputs critical for sustainable enterprise development.
The framework stipulates that the NYIF will facilitate the transition of informal enterprises owned by youth into the formal mainstream economy where they can be supported comprehensively, build a bankable track record; and be accurately captured as active participants in economic development.
Also, for Formal Business Enterprises (Youth Owned Enterprises) or enterprises that are legal entities duly registered with the Corporate Affairs Commission (CAC), documents required are: evidence of registration with Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A); business questionnaire; list of directors with BVN nos.; evidence of regulatory approvals (where applicable); Tax Identification Number (TIN).
“Cooperative societies duly registered with the relevant government authorities and members of Commodity Associations that fall within the eligible age bracket are also eligible to participate.
“Individual (unregistered business) shall be determined based on activity/nature of project subject to the maximum of N250,000.
“Registered businesses (business name, limited liability, cooperative, commodity association shall be determined by activity/nature of project subject to the maximum of N3.0 million (including working capital).
“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,” the framework read in part.
It further stated that applicants shall undergo a compulsory entrepreneurship training arranged or approved by the Federal Ministry of Youth and Sports Development.