Another 10,000 youths have been shortlisted for training and disbursement of funds under Nigeria Youth Investment Fund (NYIF) supervised by the Ministry of Youths and Sports Development
In the first phase of pilot scheme, 5,285 beneficiaries were trained and were given startup loans.
In a statement by the Ministry of Youth and Sports Development on Tuesday in Abuja, out of the ongoing screening of over three million applicants for the NYIF loan, ten thousand (10,000) have been shortlisted for training by the Ministry after which they will be approved for specific amounts.
According to the statement, with the successful completion of this pilot phase NIRSAL has cleared names of another ten thousand (10,000) for training and subsequent loan approval and disbursement. Loans are in the range of two hundred and fifty thousand (N250, 000) to three million naira (N3, 000, 000) for now.
“These names are available on the FMYSD website and NOYA website. Checks done include Age, BVN whether or not the individual has an existing government loan or has received COVID-19 business payments.
In case you missed: NEXIT: Over 300,000 Exited Volunteers have Applied, Only those Who Meet CBN's Criteria will be Selected
“All approved applicants will undergo training to ensure efficient use of the loan, therefore, increasing the yield and growth the loan can deliver to the intended business owner.
“NYIF is an initiative by the Federal government to invest in the innovation skills and enterprise of young Nigerians. The loan has a single-digit APR of 5% and a moratorium of 12 months before repayment. Nigeria Youth Investment Fund (NYIF) was approved by Federal Executive Council in July 2020,” the statement reads.
Read also: FG Announces Conditions, Date to Start Payment of N75,000 Stipend to Education Students