The Nigeria Youth Investment Fund (NYIF) has disbursed a total of N165.7 Million to 239 Youths who apply for the fund in its pilot stage. According to the report released by the Federal Ministry of Youth and Sports Development, over three million applications have been so far received.
Out of the 1,000 applications processed as part of the pilot disbursement, 94 applications were disqualified after training as a result of participation in the existing government (COVID-19/AGSMEIS) loan that they have benefitted from.
A total of 500 applicants were invited by NMFB to apply for the NYIF loan after successful training and due process check. Of the number, 393 have completed the loan application process out of which 293 applied early and their loan was processed and sent to CBN for approval at a total sum of N191,700.000. On approval by CBN, 239 have been successfully disbursed at a total sum of N165,700,000.
The President Muhammadu Buhari led Federal Executive Council had approved the implementation of the NYIF in partnership with the Central Bank of Nigeria, Ministry of Finance, Budget and National Planning and disbursed through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank (NMFB).