Barely nine days after the relaunch of the Nigeria Youth Investment Fund (NYIF), no fewer than 200,000 applications have been received, the federal government has disclosed.
The Nigeria Youth Investment Fund (NYIF) is a restructured federal government programme by the Ministry of Youth Development to improve access to finance for youths and youth-owned enterprises for national development.
It was designed to generate the much-needed employment opportunities to curb youth restiveness; encourage out-of-school, marginalised, unemployed and underemployed youths to venture into sustainable, viable, income-generating projects or ventures; and promote active participation of youths in the socio-economic development of Nigeria through youth enterprise clusters across the country.
The Minister of Youth Development, Dr Jamila Bio Ibrahim, who announced the relaunch and implementation of the NYIF penultimate week disclosed that the portal has received about 200,000 applications.
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The minister said: “Following my assumption of office as the Minister of Youth Development, we embarked on a robust restructuring of the existing NYIF Programme.
“Our effort was swiftly crowned by the approval of the Federal Executive Council (FEC) for the substantial expansion of the programme, increasing the NYIF budget from N75 billion as of 2022 to N110 billion for the 2024 fiscal year. This important initiative marks a watershed moment in Nigeria’s economic development with youth innovative ideas at its core.”
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