The federal government, through the Ministry of Youth Development, has reopened applications for the Nigeria Youth Investment Fund (NYIF) program.
The Ministry of Youth Development announced this on its official X handle, posting a link to the application. The post read, “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).”
Earlier in May, the minister of youth development, Dr. Jamila Bio-Ibrahim, announced that the Federal Executive Council (FEC) had approved the allocation of N110 billion in capital for startups and early growth stage businesses targeting the youth demographic.
Dr. Bio-Ibrahim outlined the overarching goals of promoting well-being, excellence, national unity, and sustainable development, all aimed at enabling young Nigerians to realise their full potential and contribute meaningfully to the nation’s progress. She affirmed the ministry’s commitment to implementing comprehensive reforms within the National Youth Service Corps (NYSC), including initiatives focused on skills development to enhance the capabilities of youth corps members.
The Nigeria Youth Investment Fund (NYIF) is a government initiative designed to empower Nigerian youth by providing financial support to help them start or expand their businesses. Launched by the Federal Ministry of Youth and Sports Development, the NYIF aims to address the challenges young entrepreneurs face in accessing capital to bring their business ideas to life.
The fund offers a variety of financial instruments, including loans, grants, and equity, to eligible applicants, thereby promoting economic growth, job creation, and youth empowerment across various sectors of the economy.
The Nigerian Youth Investment Fund, initially established in 2020, was originally set at ₦75 billion. The NYIF, which aims to financially empower Nigerian youth to generate at least 500,000 jobs between 2020 and 2023, is funded with an initial take-off seed capital of N12.5 billion.
The Nigerian Youth Employment Action Plan was developed by the Federal Ministry of Youth and Sports Development (FMYSD) as a built-in strategy to respond effectively to the youth employment challenge in Nigeria. The major objectives of the plan are to address the fragmentation of youth initiatives that prevent the assessment of impact and to provide Nigerian youth with the investment inputs required to build successful businesses that can become sustainable employers of labor and contributors to Nigeria’s development.
