FG has opened a fresh application portal for the N110bn NYIF Program.
NewsOnline Nigeria reports that applications for the Nigeria Youth Investment Fund (NYIF) program are once again being accepted by the federal government through the Ministry of Youth Development.
This announcement was made by the Ministry of Youth Development, which included a link to the application in a post on its official X handle.
It holds: “CALL FOR APPLICATION: NIGERIA YOUTH INVESTMENT FUND”. Are you a young entrepreneur with a vision for the future? The Federal Ministry of Youth Development is delighted to announce the relaunch of the Nigeria Youth Investment Fund (NYIF)”
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In early May, Dr. Jamila Bio-Ibrahim, the Minister of Youth Development, declared that the Federal Executive Council (FEC) had authorised the distribution of N110 billion in funding for early-stage and startup companies catering to the youth market.
In order to help young Nigerians reach their full potential and make a significant contribution to the country’s advancement, Dr. Bio-Ibrahim articulated the broad aims of encouraging well-being, excellence, national unity, and sustainable development.
She reaffirmed the ministry’s dedication to enacting extensive reforms within the National Youth Service Corps (NYSC), including programs aimed at improving youth corps members’ skill sets.
The Nigeria Youth Investment Fund (NYIF), it is a government program aimed at empowering young people in Nigeria by giving them financial support to launch or grow their enterprises.
Continuing, the NYIF was established by the Federal Ministry of Youth and Sports Development (FMYSD) with the goal of addressing the difficulties that young entrepreneurs encounter when trying to secure funding for their ventures. The fund provides qualified applicants with a range of financial instruments, such as grants, loans, and equity, consequently fostering job creation, economic growth, and youth empowerment in a number of economic sectors.
When the Nigerian Youth Investment Fund was first created in 2020, its initial funding target was ₦75 billion. With an initial take-off seed capital of N12.5 billion, the NYIF seeks to financially empower Nigerian youth to create at least 500,000 jobs between 2020 and 2023.
The FMYSD created the Nigerian Youth Employment Action Plan as an integrated approach to successfully address the issue of youth employment in Nigeria.
However, the plan’s primary goals are to address the fragmentation of youth initiatives that impedes impact assessments and to give young people in Nigeria the financial resources they need to start profitable businesses that can employ people sustainably and advance Nigeria’s development.
