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How to access N75 billion Nigerian Youth Investment Fund

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When the Federal Government approved the establishment of the N75 billion Nigerian Youth Investment Fund (NYIF), hundreds of thousands young Nigerians were excited about the innovation. They believe it could reduce the increasing unemployment rate, which has been worsened by the COVID-19 pandemic, in the country.

However, most of them are ignorant of how to access the investment fund and the purpose the fund was actually designed to address. Below are steps to access the facility and all you need to know about the scheme.

How to access loan

* Potential beneficiaries are expected to have a fundable business idea.

* Registered business

* Must be a citizen  of Nigeria

* Present recognised means of identification and guarantors.

* Also, the Ministry of Youth and Sports claim that the safeguards built around some specifics being crafted around the fund will ensure that potential beneficiaries do not need to know anyone or be “connected” to access the fund.

Note: All processes are handled by the Ministry of Youth and Sports Development.

Who qualifies?

It is meant to cater to the investment needs of those 18-35. An individual and group can apply for the loan.

Who provides fund:

The Ministry of Finance, Budget and National Planning (MFBNP) and the Central Bank of Nigeria (CBN) will provide the financing to kick-start the Nigeria Youth Investment Fund (NYIF).

Loan range

The Loan, whose aim is to meet 500, 000 youths from 2020-2023, ranges approval will range from N250, 000 to N50million with a spread across group applications, individual applications, working capital loan set as one year and term loan set at three years with a single-digit interest rate of 5%.

A minimum of N25 billion each year in the next 3 years, totalling N75billion will be required to ring-fence the NYIF. For the remaining parts of 2020, N12.5 billion will be needed to kick start the NYIF. It is expected that successive governments will keep the fund alive.

Disbursement

It would be disbursed through various channels like Micro Credit Organisations across the country under the Central Bank of Nigeria supported by BOI, Fintech Organisations and Venture Capital Organisations registered with the CBN.

Why it is different

NYIF provides a single-window of Investment Fund for the youth thereby creating a common bucket for all Nigerian youth to access Government support. Providing less cumbersome access to credit and finance for the average Nigerian youth and help lift thousands of the youth out of poverty and birth a whole generation of entrepreneurs.

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Last Wednesday, Nairametrics reported that the Federal Executive Council approved the establishment of a N75 billion NYIF to support enterprise among 68 million Nigerian youths between ages 18 and 35.

The Minister of Youth and Sports Development, Sunday Dare, explained that the funds will not just be randomly distributed among youths, but will be used to assist the most qualified ones with genuine business ideas.

“For the first time in the history of Nigeria, the Federal Executive Council today approved the establishment of the Nigerian Youth Investment Fund (NYIF) to the tune of N75 billion,” he said.

He explained that qualified youths who fall within the stipulated age bracket and have genuine business ideas “can approach any of the 125 micro-credit banks across the country to access it.

“This fund is meant to create a special window for accessing credit facilities and financing on the part of our youths that will help to fund their ideas, innovations and also support their enterprise.”

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Business

Nigeria signs MoU with Niger Republic on petroleum products transportation, storage

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The Federal Government has signed a Memorandum of Understanding (MoU) with Niger Republic on the transportation and storage of petroleum products.

This was disclosed by the Ministry of Petroleum Resources via its Twitter handle on Thursday.

It tweeted, “Nigeria, Niger Republic Sign MoU on Petroleum Products Transportation, Storage. NNPC Pledges to Support SONIDEP on Capacity Building.”

The MoU was signed by the GMD NNPC, Mallam Mele Kyari and the Director General of SONIDEP, Mr. Alio Toune under the supervision of the two countries’ Ministers of State for Petroleum, Çhief Timipre Sylva and Mr. Foumakoye Gado, respectively with the Secretary General of the African Petroleum Producers Organisation (APPO), Dr. Omar Farouk Ibrahim in attendance.

Sylva explained that the development is another huge step in developing trade relations between both countries.

He said, “This is a major step forward. Niger Republic has some excess products which needs to be evacuated. Nigeria has the market for these products. Therefore, this is going to be a win-win relation for both countries.”

What you should know

Following bilateral agreements between Nigeria’s President Muhammadu Buhari and President Mahamadou Issoufou, talks have been on-going between two countries for over four months – through the Nigerian National Petroleum Corporation and Niger Republic’s National Oil Company, Societe Nigerienne De Petrole (SONIDEP), on petroleum products transportation and storage.

Niger Republic’s Soraz Refinery in Zinder, some 260km from the Nigerian border, has an installed refining capacity of 20,000 barrels per day. Niger’s total domestic requirement is about 5,000bpd, thus leaving a huge surplus of about 15,000 bpd, mostly for export.

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Business

House of Reps to support full aviation reform

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The House of Representatives has promised to support total reforms in the aviation industry through legislation, as it appeals for active participation of stakeholders in public hearings.

This was disclosed by the Speaker of the House of Representatives, Femi Gbajabiamila, via his Twitter handle on Tuesday.

According to him, the House has identified that the aviation industry is a key contributor to the growth of the country’s economy and through legislation it would do all it can to develop the industry.

During the opening of a 3-day public hearing session on six aviation-sector bills by the Committee on Aviation, he explained that the draft legislation would make the sector more effective and efficient.

He said, “It is imperative to note that the development of our aviation industry is an added advantage to the growth of our economy. It is in this vein that the House of Representatives will continue to support total rehabilitation and upgrading of our airports and allied services.

“The consideration of these Bills during this Public Hearing is a testament to our commitment to give new life to the aviation sector and make our airports to be a better non-oil revenue-generating sector as is witnessed in other advanced economies.”

The Speaker appealed to the public and interested parties to honour invitations to House committee public hearings so that they can share ideas on how to make critical sectors deliver optimally.

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Business

Hoodlums loot Shoprite store in Ilorin, stole iPhone 11 mobile sets, others

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Some suspected hoodlums l allegedly looted the Palms Mall on Fate road, Ilorin, Kwara State capital. The mall hosts stores of Shoprite, and Lifemate Furniture among other stores including Mobile phones retailers.

This was revealed by an eye witness.

He said, “They allegedly stole iPhone 11 mobile sets, other mobile sets brands, Refrigerators, and households items among others.”

According to him, the suspected hoodlums forced their way into the Mall after they have stormed and allegedly looted Kwara Agro Hall, an agro resettlement centre, where they carted away Aluminium roofing sheets, mattresses, bags of cement and bags of flour among others.

Back story: Similarly, similar incidents had occured in Lagos when suspected hoodlums looted at Shoprite Malls across Surulere, Sangotedo.

According to reports, suspected thugs from Orile have invaded the mall and the neighbourhoods.

The alleged looters were seen with a cartload of goods on the streets along Ajah Road.

An eyewitness account also submitted that the hoodlums were looting shops around Bode Thomas and Adeniran Ogunsanya.

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