After the initial pilot phase of the NYIF which saw 5,285 beneficiaries, another 10, 000 youth have been shortlisted for training after which they will be approved for funds disbursement under the Nigeria Youth Investment Fund (NYIF).
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The Ministry of Youth and Sports Development stated that out of the ongoing screening of over 3 million applicants for the Nigeria Youth Investment Fund (NYIF) loan, 10,000 have been shortlisted for training by the Ministry after which they will be approved for specific amounts.
2. 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.
3. 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.
4. NYIF is initiative by the Federal government to invest in the innovation skills and enterprise of young Nigerians. The loan has a single digit APR at 5% and a moratorium of 12 months before repayment. Nigeria Youth Investment Fund was approved by Federal Executive Council in July 2020.