Published: 26 Jul 2024 1,046 views
The Nigerian Youth Investment Fund (NYIF) was set up as an initiative of the Federal Ministry of Youth Development (FMYD) and funded by the Federal Government of Nigeria (FGN). It is a beacon of hope for Nigerian youths aiming to invest in their ideas to build sustainable businesses that can activate enterprises and increase job opportunities in Nigeria. The fund clearly demonstrates the government's unwavering support for youth entrepreneurship, dedicated to harnessing Nigerian youths' innovative ideas, skills and talents. The goal is to turn them into entrepreneurs who can create wealth and employment, thereby contributing significantly to national development.
In 2024, a significant portion of the N110 billion approved by the Federal Government for disbursement will be channelled through established youth enterprise clusters governed by the Presidential Initiative For Youth Enterprise Clusters.
The initiative is targeted at young people ages 18 to 40. It outlines the actions required to support business establishment, expansion, and employment creation. The fund aims to financially empower Nigerian Youths to generate at least one million jobs in 2024.
| Application Deadline | 01 Jan 1970 |
| Value | N50,000,000 |
| Type | Entrepreneurs |
| Sponsor | Nigeria Youth |
| Gender | Men and Women |
HIGHLIGHTS OF THE 2024 NYIF PROGRAM
FUND SIZE: N110 Billion
DISBURSEMENT LIMITS: N50,000,000
TENOR: MAXIMUM OF 5 YEARS
INTEREST RATE: 5%
MORATORIUM: UP TO 12 MONTHS
PROCESSING MONITORING AND EVALUATION: TO BE DONE BY PARTNER MFIs
DISBURSEMENT STRATEGY: PRIMARILY THROUGH YOUTH ENTERPRISE CLUSTERS
To reduce youth unemployment by fostering entrepreneurship.
To provide young entrepreneurs with access to affordable finance.
To support youth-led businesses in achieving sustainable growth.
To encourage innovation and creativity among the youth.
To create job opportunities and improve the standard of living.
To be eligible for the NYIF, applicants must meet the following criteria:
Be a Nigerian citizen aged between 18 and 40 years.
Have a business or business idea that aligns with the Fund’s objectives.
Possess a National Identification Number (NIN).
Demonstrate a willingness to contribute to the economic development of Nigeria.
Provide a viable business plan.
Applicants must upload the following documents:
Copy of National Identification Card (NIN)
Business Registration Certificate
Business Plan/Proposal
Proof of Business Ownership (if applicable)
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 required supporting documents.
Submit Application: Review your application and submit it online.
Application Process
Step 1: Online Registration and Application
Step 2: Submission of Required Documents
Step 3: Application Review and Verification
Step 4: Funding Decision and Disbursement
Frequently Asked Questions (FAQs)
Q: What is the maximum amount I can apply for?
A: The maximum funding amount will depend on the business needs and the evaluation of your business plan.
Q: How long does the application process take?
A: The application review process typically takes 4-6 weeks. However, this may vary depending 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 to apply for the NYIF?
A: No, the application process is free of charge
Get more details here
