Over 25000 Youth to Benefit from NYIF New Round of Loan Disbursements
The Federal Government (FG), on Wednesday, said another batch of 25,000 youth beneficiaries have been shortlisted for the Nigeria Youth Investment Fund (NYIF).
It said this was in addition to the initial 6000 beneficiaries from the last two rounds.
The development was contained in a statement published on the Federal Ministry of Youth and Sports Development website.
According to the statement, the 25,000 selected youths’ loans will get approved for funds for their businesses within a range of N250,000 (Two Hundred and Fifty Thousand Naira) to N3m (Three Million Naira) depending on the scale of the business and its evaluation.
Part of the statement reads: “Most of the newly shortlisted beneficiaries from the over 25,000 successful candidates, who are expected to be part of the loan, have confirmed receipt of emails and text messages confirming the approval processes for the scheme and instructions on how to access the funds.”
“About 6,000 plus youths benefitted from the first set of disbursements in 2020. The names of the beneficiaries have since been made public.”
FG and the Central Bank of Nigeria launched the NYIF in 2020 which aims to financially empower Nigerian youth to generate at least 500,000 jobs between 2020 and 2023. It was funded with an initial take-off seed capital of N12.5 billion
Applicants undergo compulsory entrepreneurship training arranged or approved by the Federal Ministry of Youth and Sports Development and the NIRSAL Micronance Bank (NMFB) is the Participating Financial Institution (PFI) for the Scheme.
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