In March 2024, the Federal Executive Council approved the relaunch of the restructured Nigeria Youth Investment Fund (NYIF), kick-starting it with an initial capital of N110 billion.
This initiative aims to enhance access to finance for young people and youth-owned enterprises, driving national development. It seeks to generate crucial employment opportunities to combat youth restiveness, encourage marginalised, unemployed, and underemployed youths to engage in sustainable income-generating projects and promote the active participation of young people in Nigeria’s socio-economic development through youth enterprise clusters nationwide.
The programme targets individuals aged 18 to 40, detailing the steps necessary to support business establishment, expansion, and job creation. The NYIF aspires to financially empower Nigerian youths to create at least one million jobs in 2024.
Objectives of the NYIF
- Reduce Youth Unemployment: By fostering entrepreneurship, the NYIF aims to diminish the unemployment rate among young people.
- Provide Affordable Finance: Young entrepreneurs will gain access to affordable financial resources to support their ventures.
- Support Sustainable Growth: The fund will aid youth-led businesses in achieving sustainable growth.
- Encourage Innovation: By promoting creativity and innovation, the NYIF seeks to inspire young minds.
- Create Job Opportunities: The initiative aims to create numerous job opportunities, thereby improving the standard of living.
Highlights of the 2024 NYIF Programme
- Processing, Monitoring, and Evaluation: These activities will be conducted by partner financial institutions.
- Disbursement Strategy: Primarily executed through youth enterprise clusters.
Eligibility Criteria
To qualify for the NYIF, applicants must:
- Be Nigerian citizens aged between 18 and 40 years.
- Possess a business or business idea that aligns with the Fund’s objectives.
- Have a National Identification Number (NIN).
- Demonstrate a commitment to contributing to Nigeria’s economic development.
- Provide a viable business plan.
Application Process
Step-by-Step Guide:
- Register: Create an account on the NYIF portal.
- Complete Application Form: Fill out the online application form with accurate personal and business details.
- Upload Documents: Attach the necessary supporting documents.
- Submit Application: Review your application and submit it online.
Required Documents
Applicants must submit the following documents:
- Copy of National Identification Card (NIN)
- Business Registration Certificate
- Business Plan/Proposal
- Proof of Business Ownership (if applicable)
Application Steps
- Online Registration and Application
- Submission of Required Documents
- Application Review and Verification
- Funding Decision and Disbursement
Frequently Asked Questions (FAQs)
Q: What is the maximum amount I can apply for? A: The maximum funding amount depends on the business needs and the evaluation of your business plan.
Q: How long does the application process take? A: The review process typically takes 4-6 weeks, but this may vary based on the volume of applications received.
Q: Can I apply if I don’t have a registered business? A: Yes, you can apply if you have a viable business idea and meet the other eligibility criteria. However, you will need to register your business before the funds can be disbursed.
Q: Is there a fee for applying for the NYIF? A: No, the application process is free of charge.
The NYIF represents a significant step towards empowering Nigerian youth, fostering entrepreneurship, and driving socio-economic growth across the nation.
Submit your application through any of the links below that are relevant to your circumstances:
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