The Minister of Youth Development, Dr Jamila Bio-Ibrahim, said the Federal Executive Council has granted approval for the allocation of N110 billion in capital to startups and early growth stage businesses targeting the youth demographic.
Bio-Ibrahim Speaking during a ministerial sectoral update in Abuja on Thursday, disclosed that the approved funds will be channeled through the restructured Nigeria Youth Investment Fund (NYIF).
She added that the ministry is into partnership with Bank of Industry (BoI) to set up a ‘NextGen’ Bank to nurture youth entrepreneurs with loans and business support.
What she said
What Should Know about Nigeria Youth Investment Fund (NYIF)
Eligibility Requirement for Nigeria Youth Investment Fund (NYIF)
More Information about Nigeria Youth Investment Fund (NYIF)
What she said
“We have approval for the establishment of the Presidential Initiative on Youth Clusters in agriculture, manufacturing and ICT.
“We have 146,998 beneficiaries of targeted vocational, social inclusion, technology, agriculture, entrepreneurship training,” Bio-Ibrahim said.
What Should Know about Nigeria Youth Investment Fund (NYIF)
The Nigeria Youth Investment Fund (NYIF) is a government-supported initiative in Nigeria aimed at providing financial support to young entrepreneurs and small businesses in the country. The fund is managed by the Central Bank of Nigeria (CBN) and was launched in 2020 in response to the economic impact of the COVID-19 pandemic on young people and small businesses in Nigeria.
The NYIF is designed to provide financial assistance to young people aged 18-35 who are interested in starting or growing a small business in Nigeria. The fund is intended to help young entrepreneurs overcome financial barriers to starting and growing a business, such as lack of access to credit or insufficient capital to invest in equipment and other resources.
Eligibility Requirement for Nigeria Youth Investment Fund (NYIF)
To be eligible for the NYIF
Applicants must be Nigerian citizens aged 18-35
You must have a viable business idea or an existing small business, and meet other eligibility criteria as determined by the Bank of Industry.
List of Businesses that qualified for NYIF Scheme
ICT
Manufacturing
Agriculture and related value chain
Vocational
Social inclusion, technology
Agriculture
Entrepreneurship training.
Others as may be determined by NYIF/BOI from time to time.
More Information about Nigeria Youth Investment Fund (NYIF)
Launched by the Federal Ministry of Youth and Sports Development, the NYIF seeks to address the challenges faced by young entrepreneurs in accessing capital to actualize their business ideas.
The Minister of Youth Development, Dr. Jamila Bio-Ibrahim, outlined the overarching goals of fostering wellbeing, excellence, national unity, and sustainable development, all aimed at enabling young Nigerians to realize their full potential and contribute meaningfully to the nation’s progress.
She affirmed the ministry’s resolve to undertake comprehensive reforms within the National Youth Service Corps (NYSC), including initiatives focused on skills development to enhance the capabilities of youth corps members.
She outline plans to provide at least 5,000 members of the National Youth Service Corps (NYSC) with N10 million each to support their entrepreneurial ventures upon completion of the NYSC scheme.
Bio-Ibrahim outlined strategic plans for data harmonization, analytics, performance management, and predictive analytics to inform policy prioritization and decision-making processes.
The ministry aims to enhance collaboration with various levels of government and foster partnerships with both existing and emerging players in the private sector.
To ensure effective communication and engagement, the minister highlighted the importance of media activation, leveraging online, social, and visual channels to sustain communication efforts and promote positive societal reorientation
