The Federal Executive Council has approved the allocation of N110 billion to support startups and early-growth businesses aimed at the youth demographic, announced Dr. Jamila Bio-Ibrahim, Minister of Youth Development, during a sectoral update on Thursday.
The funds will be distributed through the restructured Nigeria Youth Investment Fund (NYIF), a government-backed initiative launched in 2020 to provide financial support to young entrepreneurs. The NYIF targets Nigerians aged 18-35, offering assistance to those looking to start or grow small businesses. The Central Bank of Nigeria (CBN) manages the fund, which was introduced to mitigate the economic impacts of the COVID-19 pandemic on young people and small businesses.
Dr. Bio-Ibrahim revealed that the ministry is partnering with the Bank of Industry (BoI) to establish the ‘NextGen Bank,’ aimed at nurturing youth entrepreneurs with loans and business support. “We have approval for the establishment of the Presidential Initiative on Youth Clusters in agriculture, manufacturing, and ICT,” she said. “We have 146,998 beneficiaries of targeted vocational, social inclusion, technology, agriculture, and entrepreneurship training.”
To be eligible for NYIF, applicants must be Nigerian citizens aged 18-35 with a viable business idea or an existing small business. The fund covers sectors such as ICT, manufacturing, agriculture, vocational training, social inclusion, and more, with specific criteria determined by the BoI.
In addition to financial support, Dr. Bio-Ibrahim emphasized the government’s commitment to comprehensive reforms within the National Youth Service Corps (NYSC). These reforms include skills development initiatives to enhance the capabilities of youth corps members. The ministry plans to provide at least 5,000 NYSC members with N10 million each to support their entrepreneurial ventures after completing their service.
The minister also outlined strategic plans for data harmonization, analytics, performance management, and predictive analytics to inform policy decisions. Enhanced collaboration with various levels of government and partnerships with private sector players are central to these efforts. Dr. Bio-Ibrahim stressed the importance of media activation to sustain communication and promote positive societal reorientation, leveraging online, social, and visual channels.
Through these initiatives, the Ministry of Youth Development aims to foster wellbeing, excellence, national unity, and sustainable development, enabling young Nigerians to realize their full potential and contribute meaningfully to the nation’s progress.
Eligibility Requirement
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.
