Applications now open for the Nigeria Youth Investment Fund NYIF
The Federal Executive Council in March 2024 gave the green light for the restructured Nigeria Youth Investment Fund N-YIF to commence operations, backed by an initial seed-up capital of N110 billion. The primary goal of the Nigeria Youth Investment Fund N-YIF is to enhance financial access for young people and youth-owned businesses to contribute to national development.
The Nigeria Youth Investment Fund N-YIF also aims to create much-needed job opportunities to address youth restiveness, motivate out-of-school, marginalized, unemployed, and underemployed youths to engage in sustainable income-generating projects, and promote active youth participation in Nigeria’s socio-economic development through youth enterprise clusters nationwide.
The Nigeria Youth Investment Fund N-YIF initiative targets individuals aged 18 to 40 and outlines the necessary steps to support business establishment, expansion, and job creation. The fund’s objective is to empower Nigerian youths financially and generate at least one million jobs in 2024.
Objectives of the Nigeria Youth Investment Fund – NYIF
1. Reduce youth unemployment by promoting entrepreneurship.
2. Provide affordable finance access to young entrepreneurs.
3. Support sustainable growth for youth-led businesses.
4. Encourage innovation and creativity among the youth.
5. Create job opportunities and enhance living standards.
KEY FEATURES OF THE Nigeria Youth Investment Fund NYIF PROGRAM
MONITORING AND EVALUATION: TO BE CONDUCTED BY PARTNER FINANCIAL INSTITUTIONS
DISBURSEMENT APPROACH: MAINLY THROUGH YOUTH ENTERPRISE CLUSTERS
Eligibility Requirements – Nigeria Youth Investment Fund
To qualify for the NYIF, applicants must fulfill these criteria:
Be a Nigerian citizen aged between 18 and 40 years.
Have a business or business concept that aligns with the Fund’s goals.
Possess a National Identification Number (NIN).
Show a commitment to contributing to Nigeria’s economic growth.
Provide a solid business plan.
Application Process – Nigeria Youth Investment Fund
Register: Set up an account on the NYIF portal.
Complete Application Form: Accurately fill out the online application form with personal and business information.
Upload Documents: Include the necessary supporting documents.
Submit Application: Review your application and submit it online.
Necessary Documents – Nigeria Youth Investment Fund
- Applicants are required to upload the following documents:
- Copy of National Identification Card (NIN)
- Business Registration Certificate
- Business Plan/Proposal
- Proof of Business Ownership (if applicable).
Application Process – Nigeria Youth Investment Fund
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: 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 Nigeria Youth Investment Fund – NYIF?
A: No, the application process is free of charge.
Application – Nigeria Youth Investment Fund
- For details visit the official website
- Apply here as an individual
- Apply Here is part of a cluster
