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By Emmanuel Adeleke
The Cross River State Government, through the Office of the Special Adviser to the Governor on Digital Economy Development, has inauguated a digital hub to assist youths in processing their Corporate Affairs Commission (CAC) and Small and Medium Enterprise Development Agency (SMEDAN) certificates as well as creating business plans.
Special Adviser to the Governor on Digital Economy Development, Philip Obin, disclosed this in a statement on Monday.
He said the documents are prerequisites for accessing the N110 billion fund established by the Federal Government through the 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 sensitising, 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, include 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 (FEC) approved the relaunch of the restructured NYIF, which was initiated by the previous administration, with an initial seed capital of N110 billion.
“The programme 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, marginalised, 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 three years, with a grace period of up to 12 months before repayment begins,” Obin said.
According to the Special Adviser, Governor Bassey 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.
He added that such a laudable opportunity from the President Bola Tinubu-led administration is a welcomed development that would go a long way in complementing similar initiatives aimed at prioritising youth development, capacity building and financial freedom in the state.
Obin urged interested youths to apply online at fmyd.gov.ng/nyif_application or visit the digital hub at 75, Marian Road, next to Coldstone, Calabar, from 9am to 4pm daily, starting from Monday, August 5, 2024.
“Applicants were asked to bring their CAC or SMEDAN certificates, business plans, and personal data to process their applications free of charge,” the Special Adviser said.
Obin further stated that the hub is intended to provide training residents of the state, particularly youths, in digital literacy, tech and digital skills to enhance self-employment and employability in today’s digital economy.
