The Central Bank of Nigeria has disclosed the eligible beneficiaries and businesses/activities for the N75 billion Youth Investment Fund it recently launched.
The Federal Executive Council approved the establishment of the fund for three years (2020–2023) to assist the Nigerian youth with much-needed funds for their businesses.
In its framework for the implementation of the scheme published on its site on Wednesday, the apex bank also identified the applicants not eligible to benefit from the fund.
It said the scheme’s aim is to financially empower Nigeria youth to generate at least 500,000 jobs between 2020 and 2023.
According to the framework, NIRSAL Microfinance Bank (NMFB), the financial institution to manage the scheme, will be funded with an initial take-off seed capital of N12.5 billion.
Both informal and formal business enterprises will benefit from the scheme. For individuals or sole proprietors of informal enterprise to be eligible, they must fulfil 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.
(vi) Possess Local Government Indigene Certificate.
For the formal business enterprises (Youth Owned Enterprises), that are legal entities duly registered with the Corporate Affairs Commission (CAC) these require the following documents;
(i) Evidence of registration with the 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).