The Nigeria Youth Investment Fund (NYIF), an initiative of the Federal Ministry of Youth and Sports Development (FMYSD) funded by the Central Bank of Nigeria to invest in youth innovative ideas, skills and talents, transform them into Entrepreneurs and build sustainable businesses that can increase job opportunities in Nigeria, has taken a new shape following the pre-qualification of many of the applicants, in line with the processing of millions of applications it has received.
According to a statement from the Youth and Sports Ministry's Media Office, Monday 4th January, 2021, FMYSD has successfully completed its pilot disbursement of loans totaling N165,700,000.00 to 239 beneficiaries of the Nigeria Youth Investment Fund (NYIF) ahead of the processing of the over three million applications so far received. Read more https://bit.ly/3doMSSy
Please do not get it twisted, the 239 beneficiaries were only selected for a test-run of the Program. Over three million Applications were recieved and the processing of this numerous applications has commence with the pre-qualification of many of the applicants.
However, many youths would be considered ineligible for benefiting from the Nigeria Youth Investment Fund.
The Federal Ministry of Youth and Sports Development (FMYSD) in the update noted that "Of the about 1000 (applicants) processed as part of the pilot disbursement, a total of 94 were disqualified from the NYIF loan after training, as a result of existing COVID-19 or AGSMEIS loan that they have benefitted from."
Also contained in the Framework for the operation of the Nirsal Microfinance Bank window of the Nigeria Youth Investment Fund, "Applicants currently enjoying NMFB loans, including the Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS) loans that remain unpaid are NOT eligible to apply."
"Beneficiaries of other government loan schemes that remain unpaid are also not eligible to participate." Read more https://bit.ly/3pVOtlF
The N75Billion NYIF has a 3years framework (2020 - 2023). Most of the Government Loan Schemes are long-term Loans, 3-5 years and the current Beneficiaries would have their loans running within these years. It simply means that current Federal Government Loan Scheme Beneficiaries are completely ineligible (not qualified) for the Nigeria Youth Investment Fund.
To know other disqualification criteria, read through the NYIF Framework at https://bit.ly/3pVOtlF or https://bit.ly/3pwM28H to enable you understand your stand as applicants can be disqualified even after Training.
Application for the Loan is on going through https://nmfb.com.ng/nigeria-youth-investment-fund or https://nyif.nmfb.com.ng/Applicants/New. Nigerian Youths between the ages of 18-35 years who met other eligibility criteria can proceed to apply.
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