The Federal Government has announced that the Nigeria Youth Investment Fund (NYIF), has successfully implemented the disbursement of N165,700,000 worth of loans to 23 beneficiaries so far.
This was disclosed in a statement by the FG on Wednesday, the FG said the exercise has received 3 million applications so far.
It said, “The Nigeria Youth Investment Fund (NYIF), being implemented by Ministry of Youth and Sport , has successfully completed its pilot disbursement of loans totaling N165,700,000 to 239 beneficiaries ahead of the processing of the over three million applications so far received.”
They added that the fund “is being implemented by Youth Ministry in partnership with the CBN and Ministry of Finance and is being disbursed through NIRSAL”
What you should know
The Federal Government approved the establishment of the N75 billion Nigerian Youth Investment Fund (NYIF) in July 2020. The government said it could reduce the increasing unemployment rate, which has been worsened by the COVID-19 pandemic, in the country.
How to access loan
- Potential beneficiaries are expected to have a fundable business idea.
- Registered business
- Must be a citizen of Nigeria
- Present recognised means of identification and guarantors.
A minimum of N25 billion each year in the next 3 years, totaling N75 billion will be required to ring-fence the NYIF. For the remaining parts of 2020, N12.5 billion will be needed to kick start the NYIF.
The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, disclosed that President Muhammadu Buhari has approved the expansion of the National Social Investment Programme (NSIP).
Some other programmes in the scheme include; TRADERMONI, MARKETMONI, FARMERMONI, MSME Survival Fund, and N75 billion National Youth Investment Fund (NYIF).