NYIF Program 2024 - 2025: Important Frequently Asked Questions and Answered Official Check Full Details Here

NYIF Program 2024 - 2025: Important Frequently Asked Questions and Answered Official Check Full Details Here

Q: What is the Nigerian Youth Investment Fund (“NYIF” or the “Fund”)?

A: The NYIF is a funding and financing platform established and catalysed by the Federal Government of Nigeria through the Ministry of Youth Development, with an initial seed funding of N110 billion. The Fund provides financial support through loans, grants, and equity investments, as well as non-financial support such as mentorship, training, and business development services. Its goal is to support Nigerian youths with innovative businesses and ideas, create jobs, and promote economic growth

Q: Who is eligible for the NYIF?

A: Nigerian youths aged 18 to 40 with innovative ideas for starting new businesses or growing existing enterprises are eligible to apply for the NYIF.

Q: What is the objective of the NYIF?

A: The NYIF's main objective is to financially empower Nigerian youths to generate at least 2,000,000 direct and indirect jobs over the next three years by providing access to capital, mentorship, and training support. Other objectives include harnessing the talents of the youth for national growth and development, poverty alleviation, and improving Nigerians' living standards.

Q: What are the eligibility criteria for NYIF?

A: I. Be a Nigerian citizen aged between 18 and 40 years.

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

III. Possess a National Identification Number (NIN) and Bank Verification Number (BVN).

IV. Businesses must be registered and have supporting CAC documents.

V. Show a willingness to help Nigeria's economic growth.

VI. Provide a viable business plan.

VII. Provide cash flow that provides evidence supporting the business' ability to repay the loan.

VIII. Provide evidence to manage the business successfully.

Q: What are the priority sectors for this initiative?

The NYIF focuses on priority sectors and clusters with high job creation and economic growth potential. These sectors include but are not limited to:

Agriculture, with clusters in cotton production (Katsina and Bauchi), rice production (Ebonyi and Enugu), crop production (Kaduna, Kano, Osun, Kwara, Oyo, Imo, Ogun), and sugar cane production (Kebbi and Cross River).

Agro-produce and agro-processing clusters in Niger.

Light manufacturing industries in Abia and Lagos.

Electric vehicle clusters in various states, including FCT, Lagos, Ondo, and more.

Solar farm clusters in the FCT.

Creative and Entertainment industries include film, fashion, and beauty in Lagos, Delta, and Kano.

Virtual IT, Digital and Software Development clusters nationwide.

Woodwork and furniture clusters in Edo.

Mining clusters in Ekiti (lithium) and Kwara (gold).

Fisheries clusters along the nation’s fishery belt.

Trade clusters in major commercial hubs.

ICT clusters in Lagos and Abuja.

Livestock clusters in Kano, Kwara, Cross River, FCT, and Oyo.

Other value-enhancing and productive clusters

Sectors have been chosen for their potential to create job opportunities and significantly drive economic development.

Individual Application:

https://youthdev.gov.ng/nyif_application

for Clusters: 

https://www.fmyd.gov.ng/nyif-2024-clusterapplication

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