A digital hub that aims to help young people in Nigeria grow their innovative business intuitions into reality has opened in Nigeria’s southern state of Cross River.
The centre would be targeting 5,000 applications for a N110 billion fund that would help offer free business and financial education to youths.
The hub, which is a project of the Cross River State Government, through the Office of the Special Adviser to the Governor on Digital Economy Development, inaugurated the digital hub in Calabar to assist interested youths in processing their CAC or SMEDAN certificates as well as creating business plans, documents that are prerequisites for accessing the 110 billion Naira fund established by the Federal Government of Nigeria through the Federal Ministry of Youth Development, known as the Nigerian Youth Investment Fund (NYIF).
In the past week, approximately 100 out of hundreds of volunteers interested in participating in this initiative have 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 program, 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 the previous administration, with an initial seed capital of N110 billion. The program aims to enhance access to finance for youths and youth-owned enterprises, promote national development, generate employment opportunities to reduce youth restiveness, encourage out-of-school, marginalized, unemployed, and underemployed youths to pursue sustainable income-generating projects, and foster active youth participation in Nigeria’s socio-economic development through enterprise clusters nationwide.
The loan repayment period extends up to 3 years, with a grace period of up to 12 months before repayment begins.
According to the Special Adviser to the Governor on Digital Economy Development Hon. Philip Obin, His Excellency Governor Bassey Edet Otu has directed that all efforts be made to ensure that eligible youths in the state are informed about the programme and properly guided in the application process, adding that such a laudable opportunity from the Tinubu-led administration is a welcomed development that would go a long way in complementing similar state initiatives aimed at prioritising youth development, capacity building and financial freedom.
Interested youths can apply online at fmyd.gov.ng/nyif_application or visit the digital hub at 75 Marian Road, next to Coldstone, Calabar, from 9 AM to 4 PM daily, starting Monday, 5th August 2024.
Applicants are to go there with their CAC or SMEDAN certificates, business plans, and personal data to process their applications free of charge.
Hon. Obin further stated that the hub is intended to provide training for Cross Riverians, particularly the youth, in digital literacy, tech and digital skills to enhance self-employment and employability in today’s digital economy.
