The Federal Ministry of Youth Development (FMYD) has opened the portal for the Nigeria Youth Investment Fund (NYIF) 2024 application. The NYIF program is part of the Federal Ministry of Youth Development’s range of transformative initiatives aimed at empowering the youth and addressing critical challenges facing them today.
The Federal Government has just announced the relaunch of the Nigeria Youth Investment Fund (NYIF), after successfully restructuring and expanding the programme, with an approved budget of 110 billion naira for the 2024 fiscal year.
The Honorable Minister of Youth Development, Dr Jamila Ibrahim Bio, and the Honourable Minister of State, Ayodele Olawande adopted NYIF as a transformative initiative that provides essential financial and educational support to young Nigerian entrepreneurs.
This initiative is in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, dedicated to empowering the youth in priority sectors, to drive economic growth. This article provides a comprehensive guide on the NYIF 2024 application process, eligibility criteria, benefits, and much more.
Nigeria Youth Investment Fund (NYIF) 2024
The Federal Executive Council in March 2024 approved the take-off of the restructured N-YIF with an initial seed-up capital of N110 billion. The objective of the N-YIF is to improve access to finance for youths and youths-owned enterprises for national development; generate much-needed employment opportunities to curb youth restiveness; encourage out-of-school, marginalized, unemployed and underemployed youths to venture into sustainable, viable, income-generating projects or ventures; and promote active participation of youths in the socio-economic development of Nigeria through youth enterprise clusters across the country.
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.
Objectives of NYIF Program
- To create job opportunities and improve the standard of living.
- Enhancing employability and entrepreneurship skills.
- Reducing poverty and social inequality.
- Promoting social inclusion and participation in civic activities.
- Encouraging innovation and creativity.
Target Beneficiaries
The NYIF funds will be disbursed to target beneficiaries as Loan or Grant and Equity. The targeted beneficiaries are categoriesd as follows:
- Start-Ups and Early to Growth Stage Businesses – This category will get a loan between Three (3) Million to Twenty (20) Million Naira each.
- Growth Stage Businesses and Others – This category will get a loan between Fifteen (15) Million to Fifty (50) Million Naira each.
- Start-Ups, Early to Growth Stage, and High Growth Businesses – This category will get Grants & Equity between Ten (10) Million to One Hundred (100) Million Naira each.
Eligibility Criteria
To be eligible for the NYIF, interested 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 Nigeria’s economic development.
- Provide a viable business plan.
Benefits of the NYIF 2024
The NYIF offers numerous benefits that aim to support the growth and sustainability of youth-led businesses. These benefits include:
Financial Support
Successful applicants can receive funding ranging from NGN3,000,000 to NGN100,000,000, depending on the nature and scale of their business. This financial support can be used for:
- Business expansion
- Purchase of equipment and raw materials
- Operational costs
- Marketing and advertising expenses
Entrepreneurial Training and Mentorship
Applicants will undergo comprehensive entrepreneurial training, covering areas such as business management, financial literacy, marketing strategies, and more. Additionally, they will have access to mentorship programs that provide guidance and support from experienced entrepreneurs and business experts.
Networking Opportunities
The NYIF facilitates networking opportunities for young entrepreneurs, allowing them to connect with industry leaders, potential investors, and other like-minded individuals. These connections can be instrumental in the growth and success of their businesses.
Increased Visibility
Being a beneficiary of the NYIF can significantly increase the visibility of your business. The program’s affiliation with reputable institutions such as the FMYSD and CBN lends credibility to your business, making it more attractive to potential investors and customers.
How to apply for the Nigeria Youth Investment Fund
The are two categories of application for the 2024 NYIF Funds. These include:
- Individual Application
- Clusters Application
There are four main steps to complete the NYIF 2024 Application
- Step 1: Register: Create an account on the NYIF portal.
- Step 2: Complete Application Form: Fill out the online application form with accurate personal and business details.
- Step 3: Upload Documents: Attach the required supporting documents.
- Step 4: Submit Application: Review your application and submit it online.
Required Documents
You are required to upload the following documents during your application:
- Copy of National Identification Card (NIN)
- Business Registration Certificate
- Business Plan/Proposal
- Proof of Business Ownership (if applicable)
Selection 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: 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.
Are you ready to join NYIF designed for creating sustainable opportunities for Nigerian youths, dedicated to building our community using productive youth programs? You can apply and turn your ideas into reality and take your business to greater heights.
Apply Now for the 2024 Nigeria Youth Investment Fund at www.bit.ly/NYIF-APPLY or visit https://www.fmyd.gov.ng/youth-empowerment-program for further enquiry.
Link for NYIF 2024 Individual Application: https://www.fmyd.gov.ng/nyif_applicationÂ
Link for NYIF 2024 Cluster Application: https://www.fmyd.gov.ng/nyif-2024-clusterapplication
3 Comments
I need to apply this opportunity bicos I’m sitting
THIS, IS VERY GOOD IDEA FOR THE NIGERIAN YOUTH
Am ready to work and to engage of empowerment