The Federal Executive Council in March 2024 approved the take-off of the restructured N-YIF with an initial seed-up capital of N110 billion. The objective of the N-YIF is to improve access to finance for youths and youths-owned enterprises for national development; generate much-needed employment opportunities to curb youth restiveness; encourage out-of-school, marginalized, unemployed and underemployed youths to venture into sustainable, viable, income-generating projects or ventures; and promote active participation of youths in the socio-economic development of Nigeria through youth enterprise clusters across the country.
The initiative is targeted at young people ages 18 to 40. It outlines the actions required to support business establishment, expansion, and employment creation. The fund aims to financially empower Nigerian Youths to generate at least one million jobs in 2024.
Objectives of the NYIF
To reduce youth unemployment by fostering entrepreneurship.
To provide young entrepreneurs with access to affordable finance.
To support youth-led businesses in achieving sustainable growth.
To encourage innovation and creativity among the youth.
To create job opportunities and improve the standard of living.
HIGHLIGHTS OF THE 2024 NYIF PROGRAM
PROCESSING MONITORING AND EVALUATION: TO BE DONE BY PARTNER FINANCIAL INSTITUTIONS
DISBURSEMENT STRATEGY: PRIMARILY THROUGH YOUTH ENTERPRISE CLUSTERS
Eligibility Criteria
To be eligible for the NYIF, applicants must meet the following criteria:
Be a Nigerian citizen aged between 18 and 40 years.
Have a business or business idea that aligns with the Fund’s objectives.
Possess a National Identification Number (NIN).
Demonstrate a willingness to contribute to Nigeria's economic development.
Provide a viable business plan.
How to Apply
Register: Create an account on the NYIF portal.
Complete Application Form: Fill out the online application form with accurate personal and business details.
Upload Documents: Attach the required supporting documents.
Submit Application: Review your application and submit it online.
Required Documents
Applicants must upload the following documents:
Copy of National Identification Card (NIN)
Business Registration Certificate
Business Plan/Proposal
Proof of Business Ownership (if applicable)
Application Process
Step 1: Online Registration and Application Step 2: Submission of Required Documents Step 3: Application Review and Verification Step 4: Funding Decision and Disbursement
Frequently Asked Questions (FAQs)
Q: What is the Nigerian Youth Investment Fund (“NYIF” or the “Fund”)?
A: The NYIF is a funding and financing platform established and catalysed by the Federal Government of Nigeria through the Ministry of Youth Development, with an initial seed funding of N110 billion. The Fund provides financial support through loans, grants, and equity investments, as well as non-financial support such as mentorship, training, and business development services. Its goal is to support Nigerian youths with innovative businesses and ideas, create jobs, and promote economic growth.
Q: Who is eligible for the NYIF?
A: Nigerian youths aged 18 to 40 with innovative ideas for starting new businesses or growing existing enterprises are eligible to apply for the NYIF.
Q: What is the objective of the NYIF?
A: The NYIF's main objective is to financially empower Nigerian youths to generate at least 2,000,000 direct and indirect jobs over the next three years by providing access to capital, mentorship, and training support. Other objectives include harnessing the talents of the youth for national growth and development, poverty alleviation, and improving Nigerians' living standards.
Q: What are the eligibility criteria for NYIF?
A:
I. Be a Nigerian citizen aged between 18 and 40 years.
II. Have a business or business idea that aligns with the Fund’s objectives.
III. Possess a National Identification Number (NIN) and Bank Verification Number (BVN).
IV. Businesses must be registered and have supporting CAC documents.
V. Show a willingness to help Nigeria's economic growth.
VI. Provide a viable business plan.
VII. Provide cash flow that provides evidence supporting the business' ability to repay the loan.
VIII. Provide evidence to manage the business successfully.
Q: What are the priority sectors for this initiative?
The NYIF focuses on priority sectors and clusters with high job creation and economic growth potential. These sectors include but are not limited to:
§ Agriculture, with clusters in cotton production (Katsina and Bauchi), rice production (Ebonyi and Enugu), crop production (Kaduna, Kano, Osun, Kwara, Oyo, Imo, Ogun), and sugar cane production (Kebbi and Cross River).
§ Agro-produce and agro-processing clusters in Niger.
§ Light manufacturing industries in Abia and Lagos.
§ Electric vehicle clusters in various states, including FCT, Lagos, Ondo, and more.
§ Solar farm clusters in the FCT.
§ Creative and Entertainment industries include film, fashion, and beauty in Lagos, Delta, and Kano.
§ Virtual IT, Digital and Software Development clusters nationwide.
§ Woodwork and furniture clusters in Edo.
§ Mining clusters in Ekiti (lithium) and Kwara (gold).
§ Fisheries clusters along the nation’s fishery belt.
§ Trade clusters in major commercial hubs.
§ ICT clusters in Lagos and Abuja.
§ Livestock clusters in Kano, Kwara, Cross River, FCT, and Oyo.
§ Other value-enhancing and productive clusters
Sectors have been chosen for their potential to create job opportunities and significantly drive economic development.
