The Cross River State Government, through the Office of the Special Adviser to the Governor on Digital Economy Development, has launched a digital hub to assist youths in obtaining 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, announced this initiative on Monday. He stated that these documents are necessary 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).
Training and Support
Philip Obin highlighted that in the past week, around 100 volunteers have been trained in various skills necessary to support youths in generating business names, developing business plans, and processing online applications. The program targets youths aged 18 to 40, offering:
– Loans for start-ups and new business ideas: Ranging from N3,000,000 to N20,000,000.
– Loans for existing businesses seeking to upscale: Ranging from N15,000,000 to N50,000,000.
– Grants and equity funding for start-ups, early-stage, and high-growth-stage enterprises: Ranging from N10,000,000 to N100,000,000.
NYIF Relaunch
The Federal Executive Council (FEC) has approved the relaunch of the restructured NYIF, initiated by the previous administration, with an initial seed capital of N110 billion. This program aims to enhance access to finance for youths and youth-owned enterprises, promote national development, generate employment opportunities, reduce youth restiveness, and encourage sustainable income-generating projects among youths.
Application Process
Governor Bassey Otu has directed all efforts to ensure eligible youths in the state are informed about the program and guided in the application process. Interested youths can apply online at [fmyd.gov.ng/nyif_application](http://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 are required to bring their CAC or SMEDAN certificates, business plans, and personal data to process their applications free of charge.
Digital Literacy and Skills Training
Philip Obin further emphasized that the hub aims to provide training in digital literacy, tech, and digital skills to enhance 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 initiatives from the President Bola Tinubu-led administration.
