In cooperation with the Central Bank of Nigeria (CBN) and the Nirsal microfinance bank, the federal government has began approving NYIF loans to over 25,000 applicants.
The Nigerian Youth Investment Fund (NYIF), set up last year by the federal government to support young Nigerian entrepreneurs looking to start their own businesses, was set up to approve loans for successful candidates.
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.
About 6,000 plus youths benefitted from the first set of disbursements in 2020. The names of the beneficiaries have since been made public.
The Federal Ministry of Youth and Sports Development is set to begin a fresh round of disbursements of the Nigeria Youth Investment Fund(NYIF) to deserving beneficiaries.
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.
How to Check Status:
Applicants who have successfully completed online entrepreneurship training should take the following steps to check the status of their loan: