Youth Empowerment Nigeria 2023 – A Complete Guide
There are many Nigerian citizens interested to boost their financial standing through skill development and increased productivity. Then the Youth Empowerment Nigeria 2023 program is just what you need. VoiceofNigeria is here to give you a comprehensive guide to the Youth Empowerment 2023 program so you can have all the information you need to enroll.
What is Youth Empowerment Nigeria?
Youth Empowerment Nigeria is a Presidential Youth Empowerment Scheme (P-YES) initiative, managed as a Public Private Partnership (PPP) under the control of the Office of the Senior Special Assistant to the President on Youth and Students Affairs (OSAPYSA).
Those who have the opportunity to become registered members of the Youth Empowerment Nigeria 2023 program will enjoy the following benefits:
- Job creation
- Business growth
- Improved education and more.
Micro Business Loan Scheme:
This scheme offers loans without collateral to young businessmen and women. This scheme partners with microfinance banks and MSME agencies in Nigeria to provide loans to eligible individuals.
The available loan amounts range from 10,000 Naira (minimum) to 300,000 Naira (maximum). The individual must pay back the loan within 1-12 months. To be eligible for loans of NGN 200,000 and above, the individual must be a member of the Micro Business Loan Scheme.
You have the options of repayment for the loan is weekly or monthly, as preferred by the individual.
The interest rate for the loan is 3% for members and 5% for non-members, calculated based on the reducing loan balance.
Youth Empowerment Nigeria Requirements
To be eligible for the Micro Business Loan Scheme, the following requirements must be met:
- Age between 21 to 45 years old.
- Entrepreneur or aspiring entrepreneur.
- Own a business or business initiative.
- Valid Bank Verification Number (BVN).
- Bank account with GuaranteeTrust Bank (GTBank).
- Provide two guarantors.
- Valid identification card such as voter’s card, NIN, driver’s license, or international passport.
- Reside in Nigeria with a verifiable residential address. (Business location is optional)
- Loan application letter.
- Duly completed application form.
- Current utility bill.
- Recent passport-size photographs
Benefits of the Micro Business Loan Scheme
- No collateral.
- Access to funds for business expansion.
- Access to other loan products
- Flexible repayment structure
- Training on basic financial management, business planning and customer relations and other business-related training.
- Low-interest rate.
- Expert financial advice is available
Youth Empowerment Nigeria Application Form 2023
The Youth Empowerment Nigeria (YEN) application form 2023 is not yet out, but the online registration exercise is underway for all citizens who seek assistance in their businesses and education.
How to Apply:
To apply for Youth Empowerment Nigeria (YEN) program, follow these steps:
- Fill out an online application form or obtain a form from the YEN office. (Application is free)
- Submit two recent passport photographs.
- Photocopy of National Identity (NIN)
- Photocopy of a utility bill
- Submit two guarantors who will fill out the guarantor form and attach two passport photographs. (Applicable for loans only, not for grants)
- Submit a business summary or proposal of not more than three pages to the YEN office.
- All original copies of the documents must be presented for verification.
- Double application will result in instant disqualification.
- The application process will take up to ten working days after receiving the proposal.
- Successful applicants will be informed of a meeting date for proposal defence.
- Successful applicants will receive cash loans/grants within ten working days after the meeting.
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