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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

Just-in: Fire guts fuel tankers, vehicles in Lagos

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There is a fire outbreak, which has gutted a fuel tanker, at Anthony inward Gbagada, Lagos State.

This was disclosed by the Federal Fire Service via its Twitter handle on Friday evening. The incident, which occurred around 10 pm, has razed at least two vehicles.

The agency urged road users to avoid the area and take alternative routes.

Also, the Director-General of the Lagos State Emergency Agency, Dr Olufemi Oke-Osanyintolu, confirmed the incident.

He said, “The Agency responded to distress calls and upon arrival at the scene of incident, it was discovered that a tanker with unknown registration number conveying PMS lost control while in motion and subsequently fell sideways.

“This led to an explosion in which two unidentified vehicles were burnt.”

A joint team of responders led by the Federal Fire Service, LASEMA, LASG fire service, LRU fire unit, Nigeria Police and LASTMA are working together to curb the inferno from escalating further.

Details soon …

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Business

Arik Air’s operation shut by Aviation unions

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Arik Air operation has been shut down by Aviation unions over the airline’s alleged failure to pay seven months’ salary arrears of workers.

This was disclosed by a source in the airline, who claimed anonymity because he is not permitted to speak on behalf of Arik Air.

According to him, aggrieved unions, the National Union of Air Transport Employees and the Air Transport Services Senior Staff Association of Nigeria decided to withdraw their services due to an alleged increment of Terminal levy by Bi- Courtney and other anti-labour practice.

Details later …

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Business

How to curb corruption at the port

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Former President, Lagos Chamber of Commerce and Industry (LCCI), Mr Babatunde Ruwase, says the issues of corruption at the nation’s ports can be checked by automation.

Ruwase made his view known at a webinar organised by the Maritime Anti-Corruption Network (MACN), with support from Siemens AG and in partnership with the Convention on Business Integrity (CBI) on Thursday.

The topic of the webinar was,’Corruption in the Cargo Clearance Process at the Nigerian Port’.

He said that what should be done to address the problem was to automate the system, have a single window that would ensure checks on what one was doing.

“Presently in the port, the system is so structured that you cannot do something without paying your way out and the various reforms put in place have not gotten the required impact.

“We need to get out of this manual inspection, have timelines, an ombudsman system, and ground rules that are clear to eliminate corruption in the port,” he said.

In his contribution, Dr Kayode Opeifa, Vice-Chairman, Presidential Task Force on Restoration of Law and Order in Apapa, said there was a need to know those involved in cargo clearance at the ports.

“There are people called ‘Movers’ in the port and also some calling themselves stakeholders who do not have business at the port, but their activities have led to corruption and this needs to be checked.

“All stakeholders must show interest if we want to remove corruption at the ports, we should not allow touts to take over,” he said.

He said that the standard operating procedure of all involved in cargo clearance should be looked into, as some organisations have the policy, but on paper and not implemented.

Mr Olayiwola Shittu, former president, Association of Licensed Customs Agent (ANLCA) said discretionary powers of officials who run cargo processes and unwillingness to tackle issues fuel corruption at the nation’s ports.

Shittu, also the Managing Director, Borderless Alliance, said that the unwillingness to tackle issues arising from cargo clearance and the delay which led to extra cost made some people to cut corners.

“I have been in the port business since 1969 and there have been issues of corruption in the port, it is a very difficult issue that has been tackled by various stakeholders, all to no avail.

“It is so unfortunate because there are so many determinants to corruption in the port, such as the shippers and their agents, terminal operators, security agencies, transport and haulage companies and government agencies.

“All these determinants have their various functions and powers, and as long as they have discretionary powers and no way of being challenged, it becomes a problem and leads to facilitating of corruption in the port,” he said.

Shittu said that there was need for a Central Ministerial Intervention Agency to harmonise decisions in the port, as time wasted in the supply of cargo was the fertile ground that created and facilitated corruption.

Mr Muda Yusuf, Director General, LCCI, said that service system and systemic issues made it difficult to tame corruption in the ports.

According to him, there is problem of impunity and there are no structured, reliable and dependable processes of redress.

He said that in the chamber of commerce, it had been a very frustrating experience trying to intervene in some matters, and they had approached the authorities most times without making headway.

Yusuf said that trade facilitation with a form of measurement should be the Key Performance Index (KPI) for all involved in cargo clearance, rather than revenue.

Mr Vivek Menon of the MACN said that they had embarked on a project with the Federal Government to achieve port efficiency and address challenges.

“We did a Corruption Risk Assessment and came out with a Standard Operating Procedure of the various agencies such as the Customs, Port Health that come on board for inspection and decided on best way to harmonise them to reduce time.

“Also, there is a Grievance Report Mechanism whereby one can lay complaints to be addressed and we have been able to successfully tackle eight cases last year,” he said.

The News Agency of Nigeria reports that MACN is a global business network working towards the vision of a maritime industry free of corruption that enables fair trade to the benefit of society at large.

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