Abuja, Nigeria — In a major push to support young entrepreneurs, the Federal Government of Nigeria has reopened applications for the Nigeria Youth Investment Fund (NYIF). This announcement came from the Ministry of Youth Development through a post on their official X handle, inviting young Nigerians with entrepreneurial visions to apply for the fund.
The announcement, titled “CALL FOR APPLICATION: NIGERIA YOUTH INVESTMENT FUND,” encouraged young business minds to take advantage of this opportunity. “The Federal Ministry of Youth Development is delighted to announce the relaunch of the Nigeria Youth Investment Fund (NYIF),” the post read.
Approval of the NYIF
The relaunch follows the Federal Executive Council’s (FEC) approval of N110 billion for the NYIF in May, a move announced by the Minister of Youth Development, Dr. Jamila Bio-Ibrahim. Dr. Bio-Ibrahim highlighted that the fund is aimed at supporting startups and early growth stage businesses owned by young Nigerians. The initiative is part of broader goals to promote well-being, excellence, national unity, and sustainable development.
Dr. Bio-Ibrahim also reiterated the ministry’s dedication to reforming the National Youth Service Corps (NYSC) with a strong emphasis on skills development to better prepare youth corps members for the workforce.
About the Nigeria Youth Investment Fund (NYIF)
The NYIF is a pivotal government initiative designed to empower Nigerian youth by providing them with the financial resources needed to start or expand their businesses. Launched by the Federal Ministry of Youth and Sports Development, the fund addresses significant challenges that young entrepreneurs face, particularly in accessing capital.
The NYIF provides various financial instruments, including loans, grants, and equity investments, to eligible applicants. This initiative aims to spur economic growth, create jobs, and enhance youth empowerment across different sectors.
Initially established in 2020 with a budget of ₦75 billion, the NYIF aimed to generate at least 500,000 jobs between 2020 and 2023. The fund started with a seed capital of N12.5 billion and has since become a cornerstone of the government’s efforts to support young entrepreneurs.
Nigerian Youth Employment Action Plan
The Nigerian Youth Employment Action Plan, developed by the Federal Ministry of Youth and Sports Development (FMYSD), complements the NYIF. This strategic plan addresses youth employment challenges by consolidating various youth initiatives and providing the necessary investment inputs to build successful, sustainable businesses. The overarching aim is to transform these businesses into significant employers and contributors to Nigeria’s development.
With the reopening of the NYIF application, the Federal Government reaffirms its commitment to harnessing the potential of Nigerian youth, driving economic growth, and fostering a generation of empowered, entrepreneurial young Nigerians. Young entrepreneurs are encouraged to apply and take part in this transformative initiative.
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