The government has approved ₦110 billion to revitalize the Nigeria Youth Investment Fund (NYIF), aiming to empower youths across the country.
Applications for the fund will open this month, enabling young entrepreneurs to access financial support for their innovative ideas.
Minister of Youth Development, Dr. Jamila Bio-Ibrahim, announced this 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.
A statement by the ministry’s Director of Press and Public Relations, Omolara Esan, highlighted that the NYIF would simplify the application process, emphasizing the government’s commitment to fostering entrepreneurial spirit and providing essential resources to turn business visions into reality.
The minister recalled announcing a groundbreaking initiative in May 2024 to empower at least 5,000 NYSC members with up to ₦10 million each for entrepreneurial ventures upon completing their service. According to her, this initiative would contribute to economic growth and sustainability.
She said: “We are also launching the National Youth Skills Programme (NYSP) this month. This program aims to train over one million young Nigerians across diverse fields. The NYSP offers a remarkable opportunity to enhance your employability and prepare for a successful career, aligning your applications with the evolving demands of the job market.”
The minister urged the 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 them to make use of the NYIF to bring their business ideas to life and to actively participate in the NYSP to acquire new competencies, using their NYSC year to develop a well-rounded skill set.
