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The Federal Government had set a few conditions which MSMEs must meet to be eligible for the Nigeria Youth Investment Fund (NYIF).
The Central Bank of Nigeria (CBN) made these conditions as well as the eligibility criteria known in a framework for the NYIF. It says which enterprises and applications it will consider for the NYIF.
CBN state Who is Eligible for the NYIF
All Sole Proprietors are eligibly knowing that a huge percentage of youth are engaged in the informal sector. Formal Business Enterprises, those who are already registered with the Corporate
Affairs Commission (CAC).
Cooperative societies can also apply as long as they fall within the 18-35 and are duly registered with the relevant government authorities and members of Commodity Associations.
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Businesses Eligible for the NYIF
The CBN says it will determine if a business that is not listed below is eligible for the NYIF:
- Agriculture and related value chain
- Construction
- Logistics and supply chain
- Healthcare value chain
- Technology/ Innovation
- Creative sector
- Green Economy and Renewable energy sector
- Manufacturing
- Hospitality/Tourism
- Trading and Services
NIRSAL Microfinance Bank (NMFB) is currently the only eligible participating financial institution for the Scheme.
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Other criteria (Sole Proprietors)
- Be between ages 18 and 35
- Have business/enterprises domiciled and operational in Nigeria
- Has a clear financial crime record from the last 10 years
- Has a valid Bank Verification Number (BVN)
- Possess Local Government Indigene Certificate
Formal Business Enterprises
- Evidence of registration with Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A)
- Business questionnaire
- List of Directors with BVN numbers
- Evidence of regulatory approvals will be provided on demand
- Tax Identification Number (TIN)
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You can not apply if you fall in these categories –
People who are part of any NMFB loans – the targeted credit facility (TCF) and agribusiness/small and medium enterprises investment scheme (AgSMEIS) and beneficiaries of other government loan schemes that remain unpaid are ineligible to participate in the NYIF
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