The federal government through the Ministry of Youth Development has re-opened applications for the Nigeria Youth Investment Fund (NYIF) program, which is regarded as a business scholarship to business owners that will help them get access to enough funds to grow their business especially for business owners that needs money to grow thier small business to enable them raise funds to venture into more profiting business.
The Ministry of Youth Development announced this in a post on the Ministry’s official X handle where it posted a link to the application.
The post, “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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About the Nigeria Youth Investment Fund (NYIF)
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 labour and contributors to Nigeria’s development.
Do you need a University Degree to apply for NYIF by FG
In case you are asking if you will need to have university degree to apply for nyif, the answer is no. If you a wasc certificate, you are good to go. You do not necessary need to have a BSc or Msc from any Nigerian universities, United Kingdom, or United States or any other country either through normal certification sponsorship or degree earned by scholarship sponsorshit. You can apply with just WAEC, or it’s equivalent.
Approval of the 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 realize 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.
How to Apply for NYIF
Application Process
Applying for the NYIF involves the following steps:
1. Registration:
– Create an account on the NYIF portal here by providing basic personal and business information (name, date of birth, contact details, and business details).
2. Complete the Application Form:
– Fill out an online form with detailed information about the business, including:
– Business name and description
– Industry sector
– Target market and competition
– Business strategy and goals
– Financial details (expected costs, revenues, and profit margins)
3. Submit Supporting Documents:
– Upload required documents such as:
– Scanned copy of the National Identification Card (NIN)
– Bank Verification Number (BVN)
– Proof of educational and professional qualifications
– Corporate Affairs Commission (CAC) registration certificate (if applicable) or Community Development Association Certification for unregistered businesses
– A concise business plan (no more than 5 pages) including:
– Executive Summary
– General Business Information
– Product/Service Description
– Market Analysis and Marketing Plan
– Organizational Structure and Management Team
– Financial Information and Projections
– Implementation Schedule
4. Provide Referees:
– List two referees who can vouch for your character and business credibility, including their names, addresses, emails, workplaces, and portfolios.
5. Review and Submit:
– Review the completed application and uploaded documents to ensure accuracy before submitting.
This streamlined approach makes it easier for young Nigerians to access funding and support to grow their businesses and contribute to the nation’s economic development.