The Federal Ministry of Youth and Sports Development (FMYSD) said it is set to disburse NYIF Loan to over 25,000 youths in a new round of the Nigeria Youth Investment Fund disbursement.
The Minister, Sunday Dare disclosing the new development in Abuja, Wednesday, noted that about 6,000 plus youths have benefitted from the first set of the disbursements in 2020, adding that the names of the beneficiaries have since been made public.
Dare noted that "most of the newly shortlisted beneficiaries from the over 25,000 successful candidates, who are expected to be part of the loan, have confirmed receipt of emails and text messages confirming the approval processes for the scheme and instructions on how to access the funds".
"The Nigerian Youth Investment Fund(NYIF) will be disbursed to the beneficiaries within a range of N250,000(Two Hundred and Fifty Thousand Naira)to N3m(Three Million Naira) depending on the scale of the business and its evaluation."
The Ministry had partnered the NPF Microfinance Bankk in the disbursement of the NYIF Loan to the beneficiaries in 2022 and it has been unprecedentedly fast and easy to access since its commencement early April, 2022.
Though the new partnership has not been explained to the applicant of the NYIF Loan Scheme, the bank has continued the NYIF Loan Disbursement to the numerous beneficiaries, even today morning.
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