Latest report from NYIF partner, NIRSAL Micro Finance Bank (NMFB) showed that the beneficiaries who received the loans as of the end of April 2021 are spread across the country and critical sectors of the economy.
According to a statement on Sunday by Mohammed Manga, the Director (Press), Ministry of Youth and Sports Development, “the beneficiaries have commended the Ministry of Youth and Sports Development for surmounting the initial challenges to make the disbursements possible”.
Furthermore, the Ministry assures applicants that more disbursements will be achieved in the coming weeks to ensure that the objectives of the programme are achieved.
Nigerian Youth Investment Fund (NYIF) is a government initiative created to boost the Nigerian economy through leverage and access to finance for youths.
The fund hopes to serve as a catalyst to unleash the potential of the youth and enable many of them build businesses that will increase the employment rate.
The NYIF aims to reach 500,000 youth annually between 2020 and 2023.
Each fund approval will range from N250, 000 to N50, 000,000, with a spread across group applications, individual applications, working capital loans set at 1 year and term loans set at 3 years with single digit interest rate of 5%.
Disbursement will be through various channels, which will include micro finance, finance firms and deposit money banks regulated by the Central Bank of Nigeria (CBN) and supported by Bank of Industry (BoI).