On 22 July 2020, the Federal Executive Council of Nigeria approved the release of 75 billion naira over a three year period to disburse the Nigeria Youth Investment Fund. The Central Bank of Nigeria (CBN) published the framework for implementing the NYIF on 28 October 2020.
Summary of the Youth Investment Fund
A quick summary of the implementation framework for the NYIF is set below:
The NYIF aims to financially empower Nigeria youth to generate at least 500,000 jobs between 2020 and 2023.
Informal Business Enterprises (Individuals and Sole Proprietors)
An eligible youth 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.
(v) Has a valid Bank Verification Number (BVN)
(vi) Possess Local Government Indigene Certificate.
Formal Business Enterprises (Youth Owned Enterprises)
(i) Evidence of registration with 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).
Legally allowed activities in the sectors or focal areas listed below shall be eligible:
(i) Technology/ Innovation;
(ii) Agriculture and related value chain;
(iii) Green Economy and Renewable energy sector;
(vii) Logistics and supply chain;
(viii) Healthcare value chain,
(ix) Creative sector and
(x) Trading and Services.
(xi) Others as may be determined by NYIF/CBN from time to time.
However, 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.