The Nigerian government has disclosed businesses and sectors that qualify for the N75 billion Nigeria Youth Investment Fund (NYIF). The sectors which are eligible are as follows:
- 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
- Others as may be determined by NYIF/CBN from time to time.
Those excluded are captured as follows:
- NIRSAL Microfinance Bank (NMFB) current loan beneficiaries – 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.
Nairametrics offers more insights on the funds terms.
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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.
Here is the link; please apply. It is your money and do not wait. Part of this is structured as a grant which means you may not have to pay for it (that can change though). Also check this link.
Meanwhile, the government will provide rural communities with clean and affordable energy, through the deployment of Mini-grid systems that will provide power for 5 million homes in 2021; the Minister of Power, Engineer Sale Mamman, has disclosed this via Twitter.
It is virtually impossible to have the National grid covering every geographical point within Nigeria, that is why Government is investing heavily in the deployment of Mini-grid systems which can easily get to the most remote communities and provide clean, affordable energy.
— Engr. Sale Mamman (@EngrSMamman) October 29, 2020
As the federal government was announcing its initiatives to improve the lives of the youth, Lagos state government did its own: an internship programme for 4,000 unemployed graduates at a monthly stipend of N40,000.
As part of efforts to reduce the rate of unemployment in Lagos State, Gov.@jidesanwoolu has approved Internship Programme for 4,000 unemployed graduates in line with the T.H.E.M.E.S Agenda of the present administration and the Youth Development Programme of the State.#LASG pic.twitter.com/HlYwuZjmzm
— The Lagos State Govt (@followlasg) October 29, 2020
Nigerian Publishes Framework for Implementation of N75 Billion Youth Investment Fund
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