Nigerian Youth Investment Fund 2024 Application Link Is Now Open
The Nigerian Youth Investment Fund(NYIF) application forms for 2024 are now open and interested and eligible Nigerian youths are invited to submit their application forms now before the application closes for this section. See the requirements and how to apply for NYIF below.
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What Is Nigerian Youth Investment Fund?
The NYIF is a youth-based loan program launched by the President Buhari administration in 2020 as a 3 years 75 billion ring-fenced fund. The original plan of the administration for this program was for it to end in 2023. However, the Tinubu-led federal government institutionalized the program making it a permanent program to cater for youth-owned businesses, startups, and fundable ideas.
To make this possible, the administration launched NEXTGEN BANK and as of May 2024, the federal government approved N110 Billion to Rejuvenate the National Youth Investment Fund. The objectives of the program include;
- 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.
NYIF Portal
The Nigerian Youth Investment Fund previously had a dedicated website for all information and applications however, in the current section, the applications have been moved back to the Federal Ministry of Youth Development and all information can now be found under the ministry’s website.
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Requirements For NYIF 2024
Interested applicants for NYIF must meet the following requirements to be eligible
- Applicant must be a Nigerian by birth
- Be between the age of 18-40 years
- Applicant must have a valid means of identification(National Identity Card, Permanent voters card, International passport, Drivers license)
- Applicant must have a fundable idea
- You must submit a business proposal
- Applicant must have a registered business name/company
- A valid BVN(Bank Verification Number)
- A valid NIN
How Much Loan or Grant Can I Get?
Currently, NYIF has added a grant and equity option to the list of funding options but this is only for startups and growth-stage businesses. The amount of loan or grant you can get is stated in the table below
S/N | Target Beneficiaries | Minimum Amount | Maximum Amount | |
Categorization | ||||
1 | Start-ups and Early to Growth Stage Businesses | Loans | Three(3) Million | Twenty(20) Million |
2 | Growth Stage Business and Others | Loans | Fifteen (15) Million | Fifty(50) Million |
3 | Start-Ups, Early to Growth Stage, and High Growth Businesses | Grant & Equity | Ten(10) Million | One Hundred (100) Million |
List of Required Documents for NYIF ApplicationÂ
Applicants must upload these documents:
- Copy of National Identification Card (NIN)
- Business Registration Certificate
- Business Plan/Proposal
- Proof of Business Ownership (if applicable)
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How to Apply for Nigerian Youth Investment Fund 2024
Nigerian youths who meet the above-mentioned requirements can submit their application forms online by visiting the Ministry of Youth Development website and clicking on the NYIF application announcement or use this direct link to submit your application https://www.fmyd.gov.ng/nyif_application
Thank you for reading, please do well to share with other youths so they too can benefit from this opportunity.