FG Releases N110bn Funds For Youth Empowerment (APPLY NOW)

Federal Ministry of Youth Development, Nigeria has allocated N110 billion fund for the needs of enterprising youths to drive economic growth.

The Nigerian Youth Investment Fund (NYIF) was set up as an initiative of the Federal Ministry of Youth Development (FMYD) and funded by the Federal Government of Nigeria (FGN).

It is a beacon of hope for Nigerian youths aiming to invest in their ideas to build sustainable businesses that can activate enterprises and increase job opportunities in Nigeria.

The fund clearly demonstrates the government’s unwavering support for youth entrepreneurship, dedicated to harnessing Nigerian youths’ innovative ideas, skills and talents.

The goal is to turn them into entrepreneurs who can create wealth and employment, thereby contributing significantly to national development.

In 2024, a significant portion of the N110 billion approved by the Federal Government for disbursement will be channelled through established youth enterprise clusters governed by the Presidential Initiative For Youth Enterprise Clusters.

Read Also: Fresh Crisis Brews LP As New National Chairman Emerges

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 NIGERIA YOUTH INVESTMENT PROGRAM

FUND SIZE: N110 Billion

DISBURSEMENT LIMITS: Loans: up to N50m; equity up to N100m.

TENOR: MAXIMUM OF 5 YEARS

INTEREST RATE: Up to 9%

MORATORIUM: UP TO 18 MONTHS

PROCESSING MONITORING AND EVALUATION: TO BE DONE BY PARTNER FINANCIAL INSTITUTIONS

DISBURSEMENT STRATEGY: PRIMARILY THROUGH YOUTH ENTERPRISE CLUSTERS

To be eligible for the NYIF, applicants must meet the following criteria:

1) Be a Nigerian citizen aged between 18 and 40 years.

2) Have a business or business idea that aligns with the Fund’s objectives.

3) Possess a National Identification Number (NIN).

4) Demonstrate a willingness to contribute to the economic development of Nigeria.

5) Provide a viable business plan.

Read Also: Governor Adeleke Has Neither Borrowed A Kobo Nor Draw Personal Security Votes – Spokesperson

Objectives of the NYIF

a) To reduce youth unemployment by fostering entrepreneurship.

b) To provide young entrepreneurs with access to affordable finance.

c) To support youth-led businesses in achieving sustainable growth.

d) To encourage innovation and creativity among the youth.

e) To create job opportunities and improve the standard of living.

CLICK Link To Apy→ http://bit.ly/NYIF-APPLY