In March 2024, the Federal Executive Council greenlit the revamped Nigeria Youth Investment Fund – NYIF with an initial funding of N110 billion. The main goal of the NYIF is to make it easier for young people and youth-owned businesses to get financing, push national growth, create much-needed job opportunities, and reduce youth unrest. The program also aims to inspire out-of-school, marginalized, unemployed, and underemployed youths to start sustainable, income-generating projects, and to get young people more involved in Nigeria’s socio-economic growth through youth enterprise clusters nationwide.
This initiative targets young Nigerians aged 18 to 40 and outlines steps to support business creation, growth, and job creation. It aims to financially empower Nigerian youths to generate at least one million jobs by 2024. Lagos State Teachers Recruitment portal
NYIF Objectives:
- Cut down youth unemployment by encouraging entrepreneurship.
- Provide affordable finance to young entrepreneurs.
- Help youth-led businesses achieve sustainable growth.
- Foster innovation and creativity among young people.
- Create jobs and improve living standards.
2024 Nigeria Youth Investment Fund (NYIF) Program Highlights:
Monitor and Evaluation: Done by partner financial institutions.
Funding Strategy: Mainly through youth enterprise clusters.
Eligibility Criteria:
To qualify for the NYIF, you have to:
- Be a Nigerian citizen aged between 18 and 40.
- Have a business or idea that matches the Fund’s goals.
- Own a National Identification Number (NIN).
- Show your commitment to Nigeria’s economic growth.
- Present a feasible business plan.
How to Apply for Nigeria Youth Investment Fund (NYIF):
- Register: Set up an account on the NYIF portal.
- Complete Application Form: Fill in the online form with accurate personal and business details.
- Upload Documents: Attach the needed documents.
- Submit Application: Review and submit your application online.
Needed Documents:
Applicants should upload:
- Copy of National Identification Card (NIN)
- Business Registration Certificate
- Business Plan/Proposal
- Proof of Business Ownership (if applicable)
Nigeria Youth Investment Fund (NYIF) Application Steps:
- Online Registration and Application
- Submit the Required Documents
- Application Review and Verification
- Funding Decision and Disbursement
Frequently Asked Questions (FAQs):
Q: What’s the max amount I can apply for?
A: It depends on your business needs and the assessment of your business plan.
Q: How long does the application process take?
A: Usually, it takes 4-6 weeks to review applications, but this can change based on the number of applications received.
Q: Can I apply if my business isn’t registered?
A: Yes, if you have a viable business idea and meet the other criteria. However, you must register your business before funds are disbursed.
Q: Is there a fee to apply for the NYIF?
A: No, applying for the NYIF is completely free.
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