After the initial pilot phase of the NYIF which saw 5,285 beneficiaries, another 10, 000 youth have been shortlisted for training after which they will be approved for funds disbursement under the NYIF.
The Ministry of Youth and Sports Development stated that out of the ongoing screening of over 3 million applicants for the NYIF loan, 10,000 have been shortlisted for training by the Ministry after which they will be approved for specific amounts.
With the successful completion of this pilot phase NIRSAL has cleared names of another 10,000 for training and subsequent loan approval and disbursement. Loans are in the range of 250k to 3million naira 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 received covid 19 business payments .
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 initiative by the Federal government to invest in the innovation skills and enterprise of young Nigerians. The loan has a single digit APR at 5% and a moratorium of 12 months before repayment. Nigeria Youth Investment Fund was approved by Federal Executive Council in July 2020.