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NYIF – Ministry Urges Fund Applicants To Come For Their Loan Requests

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Ministry Approves Another Microfinance Bank For NYIF Loan Disbursement 2022

NYIF – Ministry Urges Fund Applicants To Come For Their Loan Requests

Nigerian youths who sought for loans through the Nigeria Youth Investment Fund (NYIF) are being urged to come for distribution by the Federal Ministry of Youths and Sports Development.

According to the Ministry, only 14% of the newly shortlisted applicants out of the 25,000 successful candidates who are anticipated to receive the soft loan have responded to emails confirming their acceptance to receive the loan.

While noting that the email sent included instructions on how to access the funds, the Ministry expressed concern that the rate of response to the emails has been “quite low.” It went on to say that customers who answered had their cash deposited into their PFI-designated bank accounts.

Mohammed Manga, the Ministry’s Director of Press and Public Relations, said in a statement:

“The Nigerian Youth Investment Fund (NYIF) is being disbursed to the youth who have expressed business needs within a range of N250,000 to N3 million depending on the scale of the business and its evaluation.

“Shortlisted candidates must respond to communication in order to conclude the disbursement process. Those who fail to respond risk forfeiting this opportunity.

“About 6,000 youth benefitted from the first set of disbursements in 2020 and the names of the beneficiaries have since been made public.

While in the second batch 4,375 have so far responded to their loan offer messages and received their funds.”

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