NYIF: Ministry reveals criteria for selection, insist on Training as 10,000 Youths line up for new Training session and Loan Disbursements

Following the shortlisting of 10,000 Youths by the Federal Ministry of Youths and Sports Development in continuation of the Federal Government Loan Programme for Nigerian Youths named Nigeria Youth Investment Fund  (NYIF), the Ministry has disclosed the Criteria it employed in generating the list of qualified applicants who would participate in the next phase of the Training.

Download Full List of 10,000 shortlisted candidates here http://docs.google.com/spreadsheets/d/188zcLNhRoNE2sJ5zeTJSqM23ZCvI0sL4/edit#gid=1038017082

According to the Youth and Sports Ministry, the candidates were selected after check were done on their Age, Bank Verification Numbers (BVN) to ascertain whether or not the individual has an existing government loan or received covid 19 business payments.

NYIF being one of the several Loans issued by the Nirsal Microfinance Bank, as part of the Federal Government Intervention Schemes, is under a policy that among the schemes such as the COVID-19 Targeted Credit Facility Loan, AGSMEIS Loan, Anchor Borowers Programme, or the Non Interest Window for COVID-19 TCF and AGSMEIS, no applicant would benefit from more than one of the Schemes.

The Ministry noted that "after the initial pilot phase of the NYIF which saw 5,285 beneficiaries, another 10,000 youths have been shortlisted for training after which they will be approved for funds disbursement under the NYIF."

Against the hues of Millions of the applicants who clamoured for the waive of the Training, the Ministry insisted that "all approved applicants will undergo training to ensure efficient use of the loan thereby increasing the yield and growth the loan can deliver to the intended business owner."

The Nigeria Youth Investment Fund  (NYIF) is an initiative of the Federal government to invest in the innovative skills and enterprise of young Nigerians.

The loan has a single digit APR at 5% and a moratorium of 12 months before repayment. The Nigeria Youth Investment Fund was approved by Federal Executive Council in July 2020.

It is a N75 Billion Youth-based Loan Programme which is spread across 3 years and received application of over 3 million Nigeria Youths in its first year.

The Federal Ministry of Youth and Sports Development has capped the maximum loan per qualified beneficiary at N300,000 to enable many youths benefit from the Loan Programme.

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