How to Apply for N110 billion Nigeria Youth Investment Fund July-Aug 2024
The Nigeria Youth Investment Fund (NYIF) is a landmark initiative launched by the Federal Government of Nigeria, aimed at empowering young entrepreneurs and innovators.
With a total of N110 billion allocated to this fund, the NYIF seeks to provide financial support to youth-led businesses, helping them to grow, create jobs, and contribute significantly to the nation’s economic development.
Eligibility Criteria
To qualify for the NYIF, applicants must meet the following requirements:
- Age: Must be between 18 and 40 years old.
- Citizenship: Must be a Nigerian citizen.
- National Identification Number (NIN): A valid NIN is required to apply.
- Business Proposal: A detailed business plan or proposal must be provided. This document should outline the business idea, its market potential, financial projections, and growth strategy.
Application Process
The application process for the NYIF is straightforward and involves several key steps:
Registration:
Applicants must first create an account on the NYIF portal. This step involves providing basic personal and business information, such as name, date of birth, contact details, and business details.
Filling Out the Application Form:
After registration, applicants need to complete an online application form. This form includes comprehensive questions about the business or business idea, covering aspects like:
- Business name and description
- Industry sector
- Target market and competition
- Business strategy and goals
- Financial details, including expected costs, revenues, and profit margins
Document Submission:
Applicants must upload several supporting documents to validate their application. These include:
- National Identification Card (NIN): A scanned copy of the NIN is required.
- Bank Verification Number (BVN): The BVN is needed for identity verification.
- Educational and Professional Qualifications: Proof of educational background and any relevant certifications.
- Corporate Affairs Commission (CAC) Documentation: If the business is registered, provide the CAC registration certificate. For unregistered businesses, state-level registration or a Community Development Association Certification may suffice.
Business Plan: A concise business plan, no more than 5 pages, should be submitted. It must include:
- Executive Summary
- General Business Information
- Product/Service Description
- Market Analysis and Marketing Plan
- Organizational Structure and Management Team
- Financial Information and Projections
- Implementation Schedule
Apply here: