NYIF Loan – FMYSD Shortlist 10,000 Youths for NYIF Training & Disbursement (Full List)
The Federal Ministry of Youth and Sports Development (FMYSD) has on Tuesday, announced the release of another batch of 10,000 youths for Nigeria Youth Investment Fund (NYIF) training and disbursement.
NYIF was established by the Federal government of Nigeria with the aim to invest in the innovation skills and enterprise of young Nigerians. Nigeria Youth Investment Fund was approved by Federal Executive Council in July 2020.
The loan has a single digit APR at 5% and a moratorium of 12 months before repayment.
NYIF said the beneficiaries who were shortlisted would undergo training after which they will be approved for funds disbursement.
Recall that the first batch which were shortlisted were about 5,285 beneficiaries making it a total number of 15,285 beneficiaries presently.
The Ministry of Youth and Sports Development said 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.
Also, with the successful competition 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.
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.
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Visit: The Official Website Of Federal Ministry of Youth and Sports Development
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NYIF Loan – FMYSD Shortlist 10,000 Youths for NYIF Training & Disbursement (Full List)
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