NYIF: Financial Information, the bait for disqualification

While it is the intention of the Federal Government to assist the youths through the N75Billion Nigeria Youths Investment Fund, it is also a concern to the government to ensure that eligible Nigerian Youths benefit from the Scheme.

The Eligibility criteria begin from mild conditions such as age, not in possession of existing CBN loan etc to guarantee pre-qualification for the loan but gets daringly tougher on a term called "Financial Information."

Let's be straight here. Before you get to the part of filling your Financial Information, pause and think. Ask yourself questions such as:

What business are you doing and how do you do your Business? Describe your Business and how you run it or intend to run it.

How much do you need for your Busness and what do you need the amount for?

What amount do you need to buy fixed items such as equipment if you are into production and/or rent? Fixed Capital.

What amount do you need for running your Business including payment of salary if you have employees? Working Capital.

How much sales do you make in a month, then in 12 months? (1 year)

What is your profit margin in a month, then in 12months (1 year)? ie after paying salary😊 if you do pay. I know you don't pay yourself salary😊😊 but you should.

Who do you sell to and what quantity do they buy? Your Customers.

And more.

There is a crazy question such as "What is your gross Profit in 2019?". That sounds crazy but it is expected. They want to find out if you have an existing Business and how long you have been in the Business - to ascertain your Business experience, exposure and capability. You have to understand it's a loan they want to give you and your lender wouldn't want to put in his money where it will get lost.

Stop quoting figures, you will just be trashed out. This is not a matter of try your luck. Do remember is money we are talking about. Not a grant but a loan that must be repaid.

The question in your head right now is, "how do I get over this or what should I do?" You are thinking already, please don't stop thinking until you get a result. But the result is not far from you. In fact, it's within you. I know you know what you have been doing or what you want to do but you haven't figured out the right answers. Alright, let's step it down further.

Do you have a Business Plan for your Business? But why a business plan? A business plan is actually that business you have in your head, the way you want to do it, the way you want to blow, the way you want to compete or exceed Dangote or Otedola carefully explained in writing - in a manner that can convince anyone around you.

Now take a look once again:

The questionnaire you have on the portal is a very "technical Business interview" that gets all round your Business Plan. If you can't figure out what's right about the questions, then you need a help unless you want to be trashed out. This is where a lot of the applicants will be disqualified. Others will be pre-qualified and tested as well. Currently, over 4 million people have applied.