The Cross River State Government, through the Office of the Special Adviser to the Governor on Digital Economy Development, has introduced a digital hub to support youths in obtaining Corporate Affairs Commission (CAC) and Small and Medium Enterprise Development Agency (SMEDAN) certificates, and in creating business plans. Philip Obin, the Special Adviser, made this announcement on Monday, emphasizing that these documents are essential for accessing the N110 billion fund established by the Federal Government via the Ministry of Youth Development, known as the Nigerian Youth Investment Fund (NYIF).
Obin highlighted that in the past week, approximately 100 volunteers have been trained in various skills needed to assist youths in generating business names, developing business plans, and managing online applications. The program targets individuals aged 18 to 40 and offers loans for start-ups and new business ideas ranging from N3,000,000 to N20,000,000, as well as loans for existing businesses seeking to upscale from N15,000,000 to N50,000,000. Additionally, grants and equity funding are available for start-ups, early-stage, and high-growth-stage enterprises ranging from N10,000,000 to N100,000,000.
The Federal Executive Council (FEC) has approved the relaunch of the restructured NYIF, initially introduced by the previous administration, with an initial seed capital of N110 billion. The program aims to improve access to finance for youths and youth-owned enterprises, foster national development, create employment opportunities, mitigate youth restiveness, and promote sustainable income-generating projects.
Governor Bassey Otu has directed efforts to ensure that eligible youths in the state are informed about the program and receive guidance throughout the application process. Interested individuals can apply online at fmyd.gov.ng/nyif_application or visit the digital hub located at 75, Marian Road, next to Coldstone, Calabar, from 9 am to 4 pm daily starting Monday, August 5, 2024. Applicants must bring their CAC or SMEDAN certificates, business plans, and personal data to process their applications at no cost.
Philip Obin also emphasized that the hub aims to provide training in digital literacy, technology, and digital skills to boost self-employment and employability in today’s digital economy. This initiative is part of broader efforts to prioritize youth development, capacity building, and financial freedom in the state, complementing similar efforts by President Bola Tinubu’s administration.
