Nigeria Youth Investment Fund (NYIF) Loan 2024 For Nigerian Entrepreneurs (N110 billion funding)
Are you a young entrepreneur with a vision for the future? The Federal Ministry of Youth Development is excited to announce the relaunch of the Nigeria Youth Investment Fund (NYIF) 2024. Apply Below:
About The Nigeria Youth Investment Fund 2024 For Nigerian Entrepreneurs:
The Nigeria Youth Investment Fund (NYIF) is a government-supported initiative in Nigeria that provides financial assistance to young entrepreneurs and small businesses. Managed by the Central Bank of Nigeria (CBN), the fund was launched in 2020 to help mitigate the economic impact of the COVID-19 pandemic on young people and small businesses in the country.
The NYIF targets individuals aged 18-35 who wish to start or expand a small business in Nigeria. It aims to help young entrepreneurs overcome financial obstacles, such as limited access to credit and insufficient capital for equipment and other resources.
The Federal Government has approved N110 billion to revitalize the National Youth Investment Fund (NYIF) for the 2024 fiscal year, serving as a cornerstone for youth empowerment.
The Minister of Youth Development, Dr. Jamila Bio Ibrahim, announced this during the closing ceremony of the Ministry’s Management Retreat on Presidential Priorities and Deliverables, themed ‘Achieving the Eight Presidential Priorities and Deliverables’ in Abuja.
She said the fund is not just a financial reservoir but a catalyst for youth entrepreneurship and innovation aimed at bridging the gap between ambition and opportunity.
Dr. Ibrahim further stated that this administration is committed to empowering every Nigerian youth through actionable policies and innovative programs, under the visionary leadership of President Bola Ahmed Tinubu, which aligns with the renewed hope agenda.
“Federal Government has also approved the integration of Skills and Entrepreneurship Development into the NYIF program, transitioning the NYIF Committee to an interim project management office, and investing N5 billion in the Youth Development Bank,” she added.
According to her, “the National Youth Development Bank (NEXTGEN BANK), a pioneering effort in partnership with the Bank of Industry and private sector partners, represents a groundbreaking stride towards economic independence for our youth. With an initial take-off shareholder fund of N10 billion, this institution will be instrumental in nurturing young entrepreneurs and innovators who are the bedrock of our nation’s future.”
The Minister further explained that the Retail Development Financial Institution will be dedicated to providing financial solutions tailored specifically for young entrepreneurs, youth-backed ventures, and youth-sector enterprises. With an initial capitalization of N10 billion, the bank is poised to be a pillar of support for youth-led enterprises, offering not just loans and equity but also development, guidance, mentorship, and a network of resources. The Bank of Industry will invest N2.5 billion, with private sector partners committing to the balance of the N2.5 billion investment, and the bank will be managed by the private sector.
“The rehabilitation and transformation of Youth Development Centres across the country are set to commence immediately. These centres will be transformed into hubs of technical, digital, and creative skills training; bastions of social, political, and cultural engagement among our youths; and sanctuaries for mental health and combating the scourges of substance abuse and social decay. By investing in these centres, we are investing in safe spaces that foster the holistic development of the Nigerian youth,” she stated.
Which Fields are Eligible?
All fields
Type:
Grant
Who can Apply for the Nigeria Youth Investment Fund (NYIF) Loan 2024 For Nigerian Entrepreneurs?
Applicants must meet the following eligibility criteria:
- Must be Nigerian citizens.
- Must be between 18 years and above
- Must have a viable business idea or an existing small business.
- Must meet other eligibility criteria as determined by the Central Bank of Nigeria (CBN).
Application Deadline: 23rd Dec, 2024
Which Countries Are Eligible?
Nigeria
Where will the Award be Taken?
Nigeria
How Many Awards?
Not specified
What is the Benefit of the Award?
Successful applicants will receive funding for their businesses.
How to Apply For The Nigeria Youth Investment Fund 2024 For Nigerian Entrepreneurs:
To apply for the Nigeria Youth Investment Fund 2024 for Young Nigerians, click the official application page and fill out the form.
Visit Webpage To Register
Nigeria Youth Investment Fund (NYIF) Loan 2024 For Nigerian Entrepreneurs (N110 billion funding)
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