10 key points public needs to know about FG approved N110bn for youth empowerment
The Federal Government through the Ministry of Youth Development has re-opened applications for the Nigeria Youth Investment Fund (NYIF) programme.
The Ministry of Youth Development disclosed this in a post on the ministry’s official X handle where it posted a link to the application.
” Call for application for 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),” the post read.
The Minister of Youth Development, Dr. Jamila Bio-Ibrahim, had in May, 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 demography.
Dr. Ibrahim said the fund was aimed at bridging the gap between ambition and opportunity for young Nigerians.
She stressed that the current administration was committed to empowering every Nigerian youth through actionable policies and innovative programmes, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The key highlights of the initiative include:
- The NYIF is open to Nigerians aged 18-40 years.
- Applicants must possess a National Identity Number (NIN) to be eligible.
- Registration for the NYIF is entirely free.
- The maximum funding amount is determined during the review process.
- Individuals with no registered business but have a viable idea can apply.
- Applicants with unregistered businesses must register their business before funding.
- The NYIF integrates Skills and Entrepreneurship Development into its program.
- The fund will be managed by an interim project management office.
- N5 billion will be invested in the Youth Development Bank.
- The National Youth Development Bank (NEXTGEN BANK) will have an initial take-off shareholder fund of N10 billion.
- Rehabilitation and transformation of Youth Development Centres across the country
Dr. Ibrahim explained that the NEXTGEN BANK would provide financial solutions tailored specifically for young entrepreneurs, youth-backed ventures, and youth-sector enterprises.
She added that the bank would offer loans, equity, development, guidance, mentorship and a network of resources.
The Permanent Secretary of the Ministry, Dr. Dunoma Umar Ahmed, expressed gratitude to the Federal Government, the ministry and all development partners and stakeholders for their support towards lifting the quality of life of the Nigerian youth.
