FG Launches 2024 N110bn Youth Investment Fund (NYIF) to Empower Young Entrepreneurs

Mubashir Shehu

3 months ago

FG Launches N110bn Youth Investment Fund (NYIF) to Empower Young Entrepreneurs

The federal government is set to open applications this month to facilitate increased access to financial support for young entrepreneurs through the Nigeria Youth Investment Fund (NYIF) for 2024. A budget of N110 billion has been allocated to rejuvenate the NYIF, aimed at empowering youths across the country.

Dr. Jamila Bio-Ibrahim, Minister of Youth Development, announced this initiative during the swearing-in ceremony of the 2024 Batch B Stream I corps members at the National Youth Service Corps (NYSC) orientation camp in Paiko, Niger State.

In a statement by the director of press and public relations of the ministry, Omolara Esan, the minister assured that the NYIF would simplify the application process, emphasizing the commitment to fostering entrepreneurial spirit and providing essential resources to help transform business visions into reality, thus contributing to job creation and economic growth.

The minister recalled announcing a groundbreaking initiative in May 2024 to empower at least 5,000 NYSC members with up to ten million naira each for entrepreneurial ventures upon completing their service. This initiative is expected to contribute significantly to economic growth and sustainability.

Dr. Bio-Ibrahim also revealed the launch of the 2024 National Youth Skills Programme (NYSP) this month. The NYSP aims to train over one million young Nigerians across diverse fields such as technology, agriculture, and more. The program offers a remarkable opportunity to enhance employability and prepare for successful careers, aligning participants with the evolving demands of the job market.

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She urged corps members to take advantage of these opportunities, emphasizing the rapid changes in the world and the crucial importance of the skills they learn now for their future success. The minister advised the corps members to use the NYIF to bring their business ideas to life and actively participate in the NYSP to acquire new competencies, using their NYSC year to develop a well-rounded skill set.

Governor of Niger State, Mohammed Umar Bago, announced that his government would offer automatic employment to members in the medical and health fields willing to work with the state, aiming to improve healthcare delivery services across the state. He also disclosed that the state government has earmarked N5 billion for the construction of a permanent NYSC orientation camp in Niger State.

This initiative underscores the federal government’s commitment to youth empowerment and economic development, providing young Nigerians with the tools and opportunities they need to succeed. For more details, you can visit The Nation’s article.

How to Apply for NYIF

To apply for the 2024 Nigeria Youth Investment Fund (NYIF), follow these simple steps:

Visit the NYIF Portal: Go to the official NYIF application portal here.
Register: Create an account by providing your personal details and setting up a password.
Complete the Application Form: Fill in the required information accurately, including your business details and funding requirements.
Submit Required Documents: Upload necessary documents such as identification, business plan, and any other required documentation.
Submit Your Application: Review all information to ensure accuracy, then submit your application.
Await Confirmation: You will receive a confirmation email and further instructions on the next steps.