NYIF: Highlight of new facts about NYIF Payment you should know | No 1,7,9 very important

The Federal Ministry of Youth and Sports Development has made several important clarification on many questions raised by the applicants of the Nigeria Youth Investment Fund (NYIF).

Here are highlights of the clarifications which border on Approval, Amount Approved per beneficiaries, Disbursement time, Pre-qualification, Training and other:

1. The Ministry, Tuesday, in a response to a question on when disbursement would commence for those whose loans have been approved stated that Loan disbursement will commence at an appropriate time determined by them.

2. Training is on going and more applicants will be selected for the Training. All qualified candidates prequalified will be invited for the Training.

3.  Loan Approval is on going and more approval will be granted after each Training.

4. Both Training and Loan Approval are done in batches to ensure that the Training portal https://fmysdenterprisetraining.ng would not collapse as a result of huge traffic.

Loan approval is in batches Successful applicants will be contacted in batches for training by the Ministry after which Loan disbursement will commence at the appropriate time.
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— Nigeria Youth Investment Fund (NYIF) (@FMYSD_NYIF) April 20, 2021

5. More candidates will be pre-qualified to submit their loan application. Qualified candidates among them will been engaged in the compulsory training before loan approval.

Read Also: NYIF: Approval/Pre-qualification/Training Invitation/Training on going, FMYSD assures

6. Currently, maximum loan to be approved for each successful beneficiaries is capped at N300,000 only.

7. According to the ministry's Director of Press, Muhammad Manga, Tuesday, the capping of the maximum loan approved at N300,000 is to enable more Nigerian Youths benefit from the Programme.

8. Only 41,000 Nigerian Youths can benefit from the N12.5 billion currently available for the programmed at N300,000 maximum loan per beneficiaries

Read More here: NYIF: FMYSD clears doubt on Disbursements, says only 41,000 youths can benefit from N12.5 billion 

9. Beneficiaries of other Central Bank of Nigeria (CBN) Intervention Programmes such as COVID-19 Targetted Credit Facility Loan, AGSMEIS are very unlikely to benefit from the Nigeria Youth Investment Fund unless the candidate has repaid at least 50% of previous loan. 

10. The N75 Billion Nigeria Youth Investment Fund is a loan for enhancing Nigerian Youth-owned small businesses. It must be repaid by each Borower. The loan will be disbursed at N25 Billion per year for three years. At the current capping at N300,000, maximum loan 250,000 Youths are expected to benefit from the N75 Billion.

11. However, the programme will continue to engage more Youths as the current beneficiaries continue to repay their loans.