Ahead of the processing of the over three million applications so far received, the Nigeria Youth Investment Fund of the Federal Government has completed its pilot disbursement of loans totaling N165.7million to 239 beneficiaries.
The money, approved by the Federal Executive Council on July 22 2020, is being implemented in partnership with the Central Bank of Nigeria, Ministry of Finance, Budget and National Planning was disbursed through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending Microfinance Bank.
A statement issued on Tuesday by the Special Assistant (Media) to the Minister of Youth and Sports Development, John Joshua-Akanji, said application data showed that a total of 3,120,107 had registered for the NYIF Pre-Assessment/Training to benefit from the N75billion three-year financing for youth-owned businesses and ideas.
He said, “Of the about 1000 processed as part of the pilot disbursement, a total of 94 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 500 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.