The Minister of Youth and Sports Development Has Disbursed Loan to 5,200 Youth – How to Apply

The Nigerian Youth Investment fund (NYIF), operated by the Minister of Youth and Sports Development has disbursed loan to 5,200 youth amounting to one billion six hundred thousand and twenty-nine million two hundred twenty thousand naira.

Visit the only official site https://nyif.nmfb.com.ng/

However, the information carried in the latest update provided to the Ministry by the NIRSAL Micro Finance Bank (NMFB), which disburses the loan showed that it was prepared to disbursed another batch of 25,000 youth once their loan application has been approved.

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Eligible

total eligible applications approved stood at 6054 out of which the 5,200 disbursement were made leaving the number of those that have been approved but yet to get disbursement at 854. the number of unqualified applicants for the batch stood at 721

An advisory from the Ministry revealed that some applicants were not qualified for the loan disbursement because the applicants did not provide valid details for communication on further steps in the loan application; and that the applicants is older than 35 years which put them beyond the age for youth. Applicants has existing AGSMEIS or Covid-19 loan.

How to apply

Furthermore, the Ministry has announced another batch of 25,000 has been pre-qualified for  raining ahead of final clearance for disbursement with the Ministry disclosing that it was in consultations with other partners to expand the loans disbursement platform to fast-track access to the Fund.

visit the official portal https://nyif.nmfb.com.ng/

Only N3 billion has been provided by the Central Bank of Nigeria (CBN) out of the N12.5billion approved for the first tranche of the NYIF. So far, 54.6 % of the N3 billion has been disbursed.
About 25,000 are lined up for approval, training and eventually disbursement.