By Praise Akora
The Nigerian government has officially unveiled a transformative initiative aimed at empowering the nation’s youth— the New Youth Investment Fund (NYIF) Scheme. With an approved budget of up to ₦500 billion over the next five years, the NYIF is set to become a catalyst for economic growth by providing financial support to youth-led businesses and startups across the country.
On August 15, 2024, the Federal Executive Council (FEC) greenlit the NYIF, signaling the government’s commitment to fostering innovation and reducing unemployment among the younger population. Dr. Jamila Bio-Ibrahim, the Minister for Youth and Sports Development, emphasized that this initiative is designed to give young Nigerians access to grants, loans, and equity investments. “The primary goal is to foster entrepreneurship, reduce youth unemployment, and encourage economic participation among Nigerian youth,” she stated.
Eligibility Criteria
To access the opportunities provided by the NYIF, applicants must meet the following requirements:
Application Process
Applying for the NYIF is straightforward. Here’s a step-by-step guide:
Loan Repayment Terms
The NYIF offers flexible repayment terms:
Accessing Your Funds
Once your NYIF loan is approved, follow these steps to withdraw the funds:
For more information and to get started on your entrepreneurial journey, visit the NYIF portal at www.nyif.nmfb.com.ng today.
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