NYIF: Ministry urges fund seekers to come forward for loan applications

The Federal Ministry of Youth and Sports Development is appealing to young Nigerians who have applied for loans under the Nigeria Youth Investment Fund (NYIF) to come forward for disbursement.

According to the ministry, less than 14% of the newly shortlisted candidates among the 25,000 successful candidates, who are expected to be part of the loan, responded to emails confirming their approval to receive the loan on favorable terms.

While noting that instructions on how to access the funds are contained in the email sent, the ministry expressed concern that the response rate to the emails has been “quite low”. He added that those who responded received the funds in their designated PFI bank accounts.

What the ministry says

  • The ministry, in a statement signed by its director of press and public relations, Mohammad Manga said: “The Nigerian Youth Investment Fund (NYIF) is disbursed to young people who have expressed business needs in the range of 250,000 to 3 million naira depending on the scale of the business and its valuation.
  • “Shortlisted applicants must respond to the communication in order to conclude the disbursement process. Those who do not respond risk losing this opportunity.
  • “Around 6,000 young people benefited from the first round of payments in 2020 and the names of the recipients have since been made public.
  • While in the second batch, 4,375 have so far responded to their loan offer messages and received their funds.

What you should know

  • JFederal Ministry of Youth Development and Sports (FMYSD) and the Central Bank of Nigeria launched the NYIF in 2020 which aims to financially empower young Nigerians to generate at least 500,000 jobs between 2020 and 2023. It was funded with an initial seed capital of N12.5 billion
  • The main objectives of the fund are to meet the fragmentation of youth initiatives that prevent impact assessment andide the Nigerian young people with the investment inflows needed to build successful businesses that can become sustainable lab employersyour and contributors to the development of Nigeria.

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