Federal Ministry of Youths and Sports Development is urging Nigerian youths who applied for loans under the Nigeria Youth Investment Fund (NYIF) and have been shortlisted to come for disbursement.
The Ministry stated this today through a statement signed by its Director, Press & Public Relations, Mohammed Manta.
According to the statement, only about 14 per cent of the latest shortlisted applicants from the 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.
While noting that instructions on how to access the funds are contained in the email sent, the Ministry expressed disappointment the low response rate to the emails. It added that those that responded have received the funds into their PFI designated bank accounts.
“The Nigerian Youth Investment Fund (NYIF) is being disbursed to the youth who have expressed business needs within a range of N250,000 to N3 million depending on the scale of the business and its evaluation.
“Shortlisted candidates must respond to communication in order to conclude the disbursement process. Those who fail to respond risk forfeiting this opportunity.
“About 6,000 youth benefitted from the first set of disbursements in 2020 and the names of the beneficiaries 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,” the statement read.
What you should know
The Federal Ministry of Youth and Sports Development (FMYSD) in collaboration with the Central Bank of Nigeria launched the NYIF in 2020 following the EndSars protests by Nigerian youths, which aims at empowering Nigerian youth to generate at least 500,000 jobs between 2020 and 2023 by providing capital funding for their entrepreneurial business ideas. The program was funded with an initial take-off seed capital of N12.5 billion. Beneficiaries can access minimum loan of N250,000 and maximum of N3 million depending on the scale of their businesses.
If you are one of the applicants, check your email and follow instructions to confirm approval of the loan for disbursement.