The Cross River State Government, through the Office of the Special Adviser to the Governor on Digital Economy Development, has inaugurated a digital hub in Calabar, the State Capital to assist interested youths in processing CAC or SMEDAN Certificates as well as the creation of business plans.
These documents are prerequisites for accessing the N110 billion fund established by the Federal Government of Nigeria through the Federal Ministry of Youth Development, known as the Nigerian Youth Investment Fund (NYIF).
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In the past weeks, approximately 100 out of 100 of the volunteers interested in participating in this initiative had been trained in various skills necessary for effectively sensitizing, educating, and supporting youths in generating business names, developing business plans, and processing online applications.
The funding programme designed for youths aged 18 to 40, includes three distinct categories: loans ranging from N3,000,000 to N20,000,000 for start-ups and new business ideas, loans from N15,000,000 to N50,000,000 for existing businesses seeking to upscale, and grants and equity funding from N10,000,000 to N100,000,000 for start-ups, early-stage, and high-growth-stage enterprises.
The Federal Executive Council approved the relaunch of the restructured NYIF, which was initiated by previous Administration with an initial seed capital of N110 billion. The programme aims at enhancing access to finance for youths and youth-owned enterprises, promoting national development, generating employment opportunities to reduce youth restiveness, encouraging out-of-school, marginalized, unemployed, and underemployed youths to pursue sustainable income-generating projects, and fostering active youth participation in Nigeria’s socio-economic development through enterprise clusters nationwide.
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The loan repayment period, according an official statement extends up to three years, with a grace period of up to 12 months before repayment begins.
According Phillip Obin, Special Adviser to the Governor on Digital Economy Development Hon. Philip Obin, Governor Bassey Otu had directed that all efforts be made to ensure that eligible youths in the State were informed about the programme and properly guided in the application process, adding that such a laudable opportunity from the President BolaTinubu-led Administration was a welcomed development that would go a long way in complementing similar State’s initiatives aimed at prioritising youth development, capacity building and financial freedom.
