Loans
Nigeria Youth Investment Fund (NYIF) Loan 2024 for Nigerian Entrepreneurs (N110 billion funding)
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 pleased to announce the relaunch of the Nigeria Youth Investment Fund (NYIF) 2024. Apply below for your chance to receive part of the N110 billion in funding.
About the Nigeria Youth Investment Fund 2024
The Nigeria Youth Investment Fund (NYIF) is a government-backed initiative designed to provide financial support to young entrepreneurs and small businesses across Nigeria. Established in 2020 in response to the economic challenges posed by the COVID-19 pandemic, the fund is managed by the Central Bank of Nigeria (CBN). It aims to help youth overcome barriers such as limited access to credit and inadequate capital for business expansion.
The NYIF targets Nigerian youth aged 18-35 who aspire to start or grow small businesses, empowering them with the resources needed to succeed.
Funding Details
The Federal Government has approved N110 billion to revitalize the NYIF for the 2024 fiscal year, positioning it as a key driver of youth empowerment.
During the closing ceremony of the Ministry’s Management Retreat on Presidential Priorities and Deliverables, themed “Achieving the Eight Presidential Priorities and Deliverables”, the Minister of Youth Development, Dr. Jamila Bio Ibrahim, described the fund as more than just a financial resource—it is a catalyst for youth entrepreneurship and innovation.
Dr. Ibrahim emphasized the government’s commitment to empowering Nigerian youth through actionable policies and innovative programs, all in line with President Bola Ahmed Tinubu’s “Renewed Hope” agenda.
Key Announcements
– Skills and Entrepreneurship Development: The government has integrated skills and entrepreneurship development into the NYIF program, with a N5 billion investment in the Youth Development Bank.
– National Youth Development Bank (NEXTGEN BANK): This new institution, launched in partnership with the Bank of Industry and private sector partners, will nurture young entrepreneurs and innovators. With an initial shareholder fund of N10 billion, it will provide financial solutions, loans, and mentorship to youth-driven enterprises.
– Youth Development Centres: Nationwide rehabilitation and transformation of these centres will commence immediately, focusing on technical, digital, and creative skills training, mental health support, and social engagement.
Eligibility Criteria
– Must be a Nigerian citizen.
– Must be between 18 and 35 years old.
– Must have a viable business idea or an existing small business.
– Must meet additional eligibility criteria as set by the Central Bank of Nigeria (CBN).
Application Deadline: December 23rd, 2024
Eligible Fields
All fields are eligible for this grant.
Benefit of the Award
Successful applicants will receive funding to support their business growth.
How to Apply for the Nigeria Youth Investment Fund 2024
To apply for the Nigeria Youth Investment Fund 2024, visit the official application page and complete the form.
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