Federal Govt Opens ₦110bn Fund for Youth Applications

The federal government is set to open applications this month to increase financial support for young entrepreneurs through the Nigeria Youth Investment Fund (NYIF).

A budget of ₦110 billion has been allocated to rejuvenate the NYIF, aimed at empowering youths across the country.

Dr. Jamila Bio-Ibrahim, Minister of Youth Development, announced this initiative during the swearing-in ceremony of the 2024 Batch B Stream I corps members at the National Youth Service Corps (NYSC) orientation camp in Paiko, Niger State.

In a statement by the ministry’s director of press and public relations, Omolara Esan, the minister assured that the NYIF would simplify the application process, emphasizing the commitment to fostering entrepreneurial spirit and providing essential resources to help transform business visions into reality, thus contributing to job creation and economic growth.

The minister recalled announcing a groundbreaking initiative in May 2024 to empower at least 5,000 NYSC members with up to ten million naira each for entrepreneurial ventures upon completing their service.

Additionally, the minister announced the launch of the National Youth Skills Programme (NYSP) this month. This programme aims to train over one million young Nigerians across diverse fields such as technology and agriculture. The NYSP offers a remarkable opportunity to enhance employability and prepare for a successful career, aligning with the evolving demands of the job market.

The minister urged corps members to take advantage of these opportunities, emphasizing that the world is changing rapidly and the skills they learn now will be crucial to their future success. She advised corps members to use the NYIF to bring their business ideas to life and actively participate in the NYSP to acquire new competencies, using their NYSC year to develop a well-rounded skill set.

Governor of Niger state, Mohammed Umar Bago, announced that his government would offer automatic employment to corps members in the medical and health fields willing to work in the state to improve healthcare delivery services. He also disclosed that the state government has earmarked ₦5 billion for the construction of the permanent orientation camp of the National Youth Service Corps in Niger State.