NYIF: Fund Disbursement For Trained Applicants Continues-COVID-19/AGSMEIS Applicants Won’t Benefit-Dare
NYIF: Fund Disbursement For Trained Applicants Continues-COVID-19/AGSMEIS Applicants Won’t Benefit-Dare: The Nigeria Youth Investment Fund (NYIF) has continued to disbursed massive funds to trained applicants, Mr. Sunday Dare disclosed
Only trained applicants will be given fund, those yet to be trained are encouraged to follow the Nigeria Youth Investment Fund (NYIF) on YOUTUBE
The Journey so Far with the Nigeria Youth Investment Fund (NYIF)
“A total of 3,120,107 have registered for the NYIF Pre-Assessment/Training to benefit from the N75 billion three-year financing for youth owned businesses and ideas”
“Over 15,000 processed as part of the pilot disbursement per hour”
“A total of 94,000 were disqualified from the NYIF loan after training, as a result of existing COVID 19 or AGSMEIS loan that they have benefitted from”
“A total of 90 000 applicants have been invited by NMFB to apply for the NYIF loan after training and successful due process check while loan application by the applicants is at various times and the application is open until the applicants are able to provide all the requirements and complete the process”
“A total of 393000 have completed the loan application process and applied for the loan out of which a total of 293 applied early and their loan was processed and sent to CBN for approval at a total sum of N191, 700.000.00”
“A total of 239 have been successfully disbursed at a total sum of N165,700,000.00.”
How to Access new N75 billion
How to Qualify?
- It is meant to cater to the investment needs of those 18-35.
- An individual and group can apply for the loan.
Who funds it?
- Ministry of Finance, Budget, and National Planning (MFBNP)
- Central Bank of Nigeria (CBN) will provide the financing to kick-start the Nigeria Youth Investment Fund (NYIF).
It would be disbursed through various channels like
- Micro Credit Organizations across the country under the Central Bank of Nigeria supported:
- Bank of Industry
- Fintech Organizations and
- Venture Capital Organizations registered with the CBN.
How to access loan
- Must be a citizen of Nigeria
- Present recognized means of identification and guarantors.
- Potential beneficiaries are expected to have a fundable business idea.
- Registered business
The Loan, whose aim is to meet 500, 000 youths from 2020-2023, ranges approval will range from N250, 000 to N50m with a spread across group applications, individual applications, working capital loan set as one year and term loan set at three years with a single-digit interest rate of 5%.
A minimum of N25 billion each year in the next 3 years, totalling N75billion will be required to ring-fence the NYIF. For the remaining parts of 2020, N12.5 billion will be needed to kick starts the NYIF. It is expected that successive governments will keep the fund alive.