GOOD NEWS FOR NIGERIAN YOUTHS! FG REOPENS NYIF APPLICATIONS FOR NIGERIAN YOUTHS TO ACCESS N110 BILLION

By: Olufemi Orunsola(msnb, pcon)

(NOTE:This is a Special Featured Story By OPEN TELEVISION Naija as part of our social responsibility and contributions to youth development and entrepreneurship which is one of our core content focus.)

The Federal Government, through the Federal Ministry of Youth Development, has announced the reopening of applications for the Nigeria Investment Fund (NYIF), an initiative targeted at supporting young entrepreneurs and creative innovators in Nigeria with the financial resources to start their business ideas or expand/scale up their existing businesses.

OPEN TELEVISION Naija reports that a partner agency of the NYIF, the National Orientation Agency(NOA), has also announced and confirmed the reopening of applicationsforvthe NYIF via a post, at exactly 12:15 pm on July 29,2024, on its official x Twitter handle @NOA_Nigeria, stating that Nigerian youths should "please use this link to register:fmyd.gov.ng/nyif_application.

 *Background of Nigeria Youth Investment Fund(NYIF)* 

The Federal Government, through the Ministry of Youth Development, has reopened applications for the Nigeria Youth Investment Fund (NYIF). This initiative aims to support young entrepreneurs in Nigeria by providing financial assistance to help them start or expand their businesses.

 *Table of Contents* 

-Announcement by the Ministry of Youth Development

-Approval of the NYIF

-Commitment to Youth Development

-About the Nigeria Youth Investment Fund (NYIF)

-Key Features of the NYIF

-Impact and Vision of the NYIF

-Future Prospects and Government Support

-Conclusion

 *Announcement by the Ministry of Youth Development* 

The Ministry of Youth Development has announced the reopening of the NYIF applications for Nigerian young entrepreneurs and innovators.

 *“CALL FOR APPLICATION: NIGERIA YOUTH INVESTMENT FUND”* invites young entrepreneurs to apply for the fund, which is designed to empower the youth with financial support.

 *Approval of the NYIF* 

In May, Dr. Jamila Bio-Ibrahim, the Minister of Youth Development, announced that the Federal Executive Council (FEC) had approved a capital allocation of N110 billion for the NYIF. This fund is intended to support startups and early-stage businesses owned by young Nigerians.

Dr. Bio-Ibrahim highlighted the fund’s goals, which include promoting the well-being of young people, fostering national unity, and encouraging sustainable development. The initiative aims to enable young Nigerians to reach their full potential and contribute positively to the country’s progress.

 *Commitment to Youth Development* 

The Ministry of Youth Development is also focused on implementing reforms within the National Youth Service Corps (NYSC). These reforms include programs aimed at developing the skills of youth corps members, thereby enhancing their capabilities and preparing them for the job market.

 *What You Should Know About the Nigeria Youth Investment Fund (NYIF)* 

The Nigeria Youth Investment Fund (NYIF) is a government initiative established to empower Nigerian youth. The fund provides financial support in the form of loans, grants, and equity to help young entrepreneurs start or grow their businesses. This support is crucial in addressing the challenges that young entrepreneurs face in accessing capital.

Launched by the Federal Ministry of Youth and Sports Development, the NYIF aims to foster economic growth, create jobs, and empower youth across various sectors of the economy. The fund was initially set at ₦75 billion and aimed to create at least 500,000 jobs between 2020 and 2023.

 *Key Features of the NYIF* 

Funding Support: The NYIF offers financial assistance through loans, grants, and equity investments. This support helps young entrepreneurs to turn their business ideas into reality.

 *Eligibility* : The fund targets young Nigerians who are between 18 and 35 years old. Applicants must have innovative business ideas or existing businesses that need financial support.

 *Application Process:* Interested youth can apply online through the official portal provided by the Ministry of Youth Development. The application process is straightforward and designed to be user-friendly.

 *Capacity Building* : In addition to financial support, the NYIF also focuses on building the capacity of young entrepreneurs. This includes training and mentorship programs to help them develop essential business skills.

 *Impact and Vision of the NYIF* 

The NYIF is part of a broader strategy by the Federal Ministry of Youth and Sports Development to tackle youth unemployment in Nigeria. The Nigerian Youth Employment Action Plan, developed by the ministry, seeks to address the challenges faced by the youth, including limited access to capital and fragmentation of youth initiatives.

The NYIF aims to create sustainable businesses that can provide employment opportunities for other young people. By supporting youth-led businesses, the fund contributes to the overall development of the Nigerian economy.

 *Future Prospects and Government Support* 

The Nigerian government remains committed to supporting the youth through various initiatives, including the NYIF. The fund is expected to play a crucial role in empowering the next generation of entrepreneurs and innovators in Nigeria.

With the reopening of applications, the government encourages eligible young Nigerians to take advantage of this opportunity to secure funding for their business ventures. The ultimate goal is to build a thriving entrepreneurial ecosystem that supports youth development and contributes to the nation’s economic growth.

 *Conclusion* 

The Nigeria Youth Investment Fund (NYIF) represents a significant step towards empowering young entrepreneurs in Nigeria. By providing financial support and capacity-building opportunities, the fund aims to create a vibrant and inclusive economy where young people can thrive. The Federal Government’s continued commitment to youth development through initiatives like the NYIF is a positive sign for the future of Nigeria’s young population.

OPEN TELEVISION Naija, as a socially responsible media organization therefore appeals to ever creative, dynamic and innovative Nigerian youths to explore and exploit this window of opportunity for youth empowerment and development by filing in their applications via the portal, following instructions as given, while we assure of our commitment to monitoring the implementation processes of the youth development initiative put in place by the Federal Government. 

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About the Writer

Olufemi Orunsola is a trained multi-talented broadcast journalist with over two decades of experience in Development Communication

(DEVCOM).

He is also pragmatic media scholar with close to two decades of teaching media and entrepreneurship.

A member of the Society of Nigerian Broadcasters (SNB), he is fondly dubbed and addressed as a Patriotic Citizen of Nigeria (PCON) by many media colleagues who have observed his consistent deployment of music and media to advocate a better Nigeria over the years.

He is the Chief Executive Officer at OPEN TELEVISION NAIJA - an Integrated Multi-Media Platform operating an Online Newspaper, Online TV with an embedded YouTube Channel.