The federal government has launched the Nigeria Youth Investment Fund (NYIF), an N110 billion initiative to support the country’s young entrepreneurs and innovators.
The fund, according to the National Orientation Agency, is designed to provide financial assistance to youth-led businesses and is expected to enable them to grow, create jobs, and contribute to the nation’s economic development.
The NYIF is part of the government’s efforts to address the high rate of unemployment among young people in Nigeria, which has been identified as a major challenge facing the populace.
The fund has a total of N110 billion available for distribution, targeting youths aged 18 to 40.
To be eligible for the NYIF, applicants must meet the following criteria:
Age: Applicants must be between 18 and 40 years old.
Citizenship: Only Nigerian citizens are eligible to apply.
National Identification Number (NIN): Applicants must possess a valid NIN.
Business Plan: A detailed business plan or proposal is required to outline the business idea, its viability, and its potential for growth.
To apply for the NYIF, follow these steps:
The application process for the NYIF is straightforward and involves the following steps:
Register: Applicants must create an account on the NYIF portal. This initial registration process requires basic personal and business information.
Complete the Application Form: After registration, applicants must fill out an online application form. This form requires detailed information about the business or business idea, including financial projections, market analysis, and business strategy.
Upload Documents: Applicants must upload the necessary supporting documents, including A copy of the National Identification Card (NIN), Bank Verification Number (BVN), Provide information on School attendance, the CAC document, or State level registration or Community Development Associations Certification etc.
Executive Summary, General Business Information, Product Description, Access to Market and Marketing Plan, Management Structure, Financial Information, and Implementation Schedule should all be included in a business plan of no more than 5 pages.
Provide information about two referees, including their name, address, email, workplace, and portfolio.
Upload Documents Submit Application: Once the form and documents are complete, applicants can review their submissions and submit the application online.
