The NYIF was an initiative of the Federal Ministry of Youth and Sports Development (FMYSD) and funded by the Central Bank of Nigeria (CBN) to invest in youth ideas to build sustainable businesses that can activate enterprise and increase job opportunities in Nigeria.
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The major target of the initiative is to get the youth to invest in the innovative ideas, skills & talents aimed at turning them into entrepreneurs, wealth creators, and employers of labour, contributing to national development.
READ: Nigeria Youth Investment Fund Loan Update
Beneficiaries of the programme, are between the ages of 18-35.
Giving an update on the initiative on Thursday (today), the Federal Ministry of Youth and Sports Development announced that the government has through designated microfinance banks commenced the second batch disbursement of funds to successful beneficiaries.
The ministry noted that emails and messages have been forwarded to beneficiaries and that they are expected to take certain steps to get the funds for their proposed projects.
The ministry in a press statement signed by the director of press and public relations, Muhammad Manga, said less than 14% of the newly shortlisted applicants from the over 25,000 successful candidates, who are expected to be part of the loan, have responded to emails confirming their approval to receive the soft loan.
READ: CBN Loan: 44,000 persons benefit from intervention scheme
How can I get my NYIF loan?
Before expressing hope to get the NYIF loan, you must have filled in your details on the application portal when it was opened a year ago.
As confirmed by the FMYS, messages have been sent across to successful applicants.
- The next thing to do is for you (as a beneficiary) to urgently respond to the email and message sent to you.
- Follow the guidelines on how to open a Microfinance account to access the funds.
Meanwhile, FMYS has lamented that the rate of response to the emails by applicants has been quite low.
It said: “Shortlisted candidates must respond to communication in order to conclude the disbursement process. Those who fail to respond risk forfeiting this opportunity.”
The Nigerian Youth Investment Fund (NYIF) is being disbursed to the youth who have expressed business needs.
About 6,000 youth benefited from the first set of disbursements in 2020 and the names of the beneficiaries have since been made public.
About 4,375 applicants have so far responded to their loan offer messages and received their funds in the second batch disbursement, the statement added.