The Nigerian Youth Investment Fund (NYIF) is a government initiative aimed at fostering the entrepreneurial spirit and economic growth among Nigerian youth. The link to apply for the ongoing N110 Billion funding program is https://www.fmyd.gov.ng.
Overview
| Funding Oganization | Nigerian Youth Investment Fund (NYIF) |
| Funding Amount | N110 Billion |
| Disbursement Amount | Loan – N50M, Equity – N100M |
| Interest Rate | 9% |
| Moratorium | 18 Months |
| Tenor | 5 Years Max |
NYIF was established in 2020 by the Federal Ministry of Youth and Sports Development (FMYSD) in collaboration with the Central Bank of Nigeria (CBN), the NYIF aims to provide financial support to young entrepreneurs, thereby enhancing their ability to create jobs and contribute to the nation’s economy.
For 2024, the NYIF has began the N110 billion fund programme to support young Nigerians in their entrepreneurial endeavours.
Objectives of NYIF
The NYIF is designed with several key objectives:
| Empowerment of Youth | To empower Nigerian youth by providing them with the necessary financial resources to start or expand their businesses. |
| Job Creation | To create job opportunities, thereby reducing youth unemployment and underemployment. |
| Economic Growth | To stimulate economic growth by supporting small and medium enterprises (SMEs) driven by young entrepreneurs. |
| Skill Development | To provide training and mentorship to young entrepreneurs, ensuring they have the necessary skills to manage and grow their businesses effectively. |
| Financial Inclusion | To promote financial inclusion by making funds accessible to young entrepreneurs who may not have access to traditional banking services. |
Eligibility Criteria
To qualify for the NYIF, applicants must meet the following criteria:
- Must be between 18 and 35 years old.
- Must be a Nigerian citizen.
- Must have a viable business idea or an existing business.
- Must reside and operate their business within Nigeria.
- Must undergo the required entrepreneurship training provided by the FMYSD.
- Must have a valid Bank Verification Number (BVN).
- Must be tax compliant.
Application Process
The application process for the NYIF is straightforward and involves several key steps:
| Registration | Interested applicants must register on the NYIF portal. |
| Training | Applicants undergo entrepreneurship training, which is a prerequisite for accessing the fund. |
| Business Plan Submission | Applicants must submit a detailed business plan outlining their business idea, potential market, and financial projections. |
| Evaluation | Submitted applications and business plans are evaluated by the NYIF team to determine viability. |
| Approval | Successful applicants are notified and provided with the necessary funding to start or expand their businesses. |
Link to Apply for NYIF N110 Billion Funding 2024
The link to apply for the ongoing N110 Billion funding program is www.fmyd.gov.ng. Interested applicants can now visit the portal to start their online application process.
Follow the procedures below to submit your application sucessfully:
- Go to the official NYIF website
- Create an account and complete the registration form
- Upload your business plan for evaluation
- Wait for your application to be reviewed and approved
- Participate in the mandatory entrepreneurship training
- Upon approval, funds will be disbursed to your account.
The Nigerian Youth Investment Fund is a transformative initiative aimed at empowering young Nigerians and fostering economic growth. With N110 billion earmarked for 2024, the NYIF offers a significant opportunity for young entrepreneurs to access the funding and support they need to succeed.
