Post by Ismail AbdulAzeez on Jan 9, 2021 0:33:14 GMT 1
NYIF Disburses N165, 700, 000 To 239 Youth Beneficiaries in Nigeria
The Ministry of Youth and Sports Development driven Nigeria Youth Investment Fund (NYIF) has disclosed that it has successfully completed its pilot disbursement of loans totaling N165, 700, 000 to about 239 beneficiaries towards the processing of the three million applications received so far by the fund.
The sum of N75 billion was approved by the Federal Executive Council on July 22nd, 2020. It is being implemented in partnership with the Central Bank of Nigeria (CBN), Ministry of Finance, Budget and National Planning. And it is being disbursed through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank.
The Fund which will run from 2020-2023 is to be dedicated to investing, innovative ideas, skills and talents of the Nigerian youth. The NYIF aims to financially empower Nigeria youth to generate at least 500, 000 jobs between 2020 and 2023. The NIRSAL MFB will be funded with an initial take-off seed capital of N12.5 billion.
The major objectives of the plan are to address fragmentation of youth initiatives on assessment of impact, and to provide Nigerian youth with investment inputs required to build successful businesses that can become sustainable employers of labour and contributors to Nigeria’s development.
This youth Investment Fund (NYIF) is set up to give out a maximum of N250, 000 grants to every young Nigerian within the age bracket of 18 and 35 years. This is for individuals who run unregistered businesses, but for those with corporate organizations, they can access up to N3 million. The loan application form states clearly the amount to be borrowed, the purpose of the loan, the interest rate and tenor of the loan.
Available data show that a total of 3, 120, 107 applications were received and registered for the NYIF Pre-Assessment/Training to benefit from the N75 billion three-year financing for youth owned businesses and ideas.
About 1,000 applications were processed as part of the pilot scheme disbursement, 94 applicants were disqualified after training due to existing Covid-19 or AGSMEIS loans that they have benefited from in the past. If you have an existing loan that has not been fully settled, please go and clear the loan before applying for the NYIF loan, if not you will be disqualified.
The Microfinance Bank in charge of the disbursement has invited a total of 500 applicants to apply for the loan after training and successful due process check. Out of the 500 invited for the loan application, 393 have completed the loan application process and applied for the loan. A total of 293 early applicants had their loan applications processed and sent to the Central Bank of Nigeria (CBN) for approval for a total sum of N191, 700, 000.
After approval by the CBN, only a total of 239 applicants were successful and a total sum of N165, 700, 000 was disbursed to them.
The reasons for the drop in the number of applicants who were forwarded to the CBN for approval and disbursement are as follows: some of them had account numbers that could not receive amounts of such magnitudes, and system failure.
The reason given for the low number of trained beneficiaries was because of non-availability of funds as there was no budgetary provision for it in the budget of 2020. The Ministry hinted that they will increase the number of applicants being trained as they have budgetary provision made for the programme. The number of applicants to be trained will increase and can start by late January 2021.
The Ministry announced that those applicants that have been screened for basic know your customer (KYC) and confirmed as not presently benefiting from similar initiatives of the government will be invited to submit their business proposals for selection, free training and possible granting of the loans.
The loans range from N250, 000 for individuals without registered businesses to N3,000, 000 to those with registered businesses.
The Ministry of Youth and Sports Development driven Nigeria Youth Investment Fund (NYIF) has disclosed that it has successfully completed its pilot disbursement of loans totaling N165, 700, 000 to about 239 beneficiaries towards the processing of the three million applications received so far by the fund.
The sum of N75 billion was approved by the Federal Executive Council on July 22nd, 2020. It is being implemented in partnership with the Central Bank of Nigeria (CBN), Ministry of Finance, Budget and National Planning. And it is being disbursed through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank.
The Fund which will run from 2020-2023 is to be dedicated to investing, innovative ideas, skills and talents of the Nigerian youth. The NYIF aims to financially empower Nigeria youth to generate at least 500, 000 jobs between 2020 and 2023. The NIRSAL MFB will be funded with an initial take-off seed capital of N12.5 billion.
The major objectives of the plan are to address fragmentation of youth initiatives on assessment of impact, and to provide Nigerian youth with investment inputs required to build successful businesses that can become sustainable employers of labour and contributors to Nigeria’s development.
This youth Investment Fund (NYIF) is set up to give out a maximum of N250, 000 grants to every young Nigerian within the age bracket of 18 and 35 years. This is for individuals who run unregistered businesses, but for those with corporate organizations, they can access up to N3 million. The loan application form states clearly the amount to be borrowed, the purpose of the loan, the interest rate and tenor of the loan.
Available data show that a total of 3, 120, 107 applications were received and registered for the NYIF Pre-Assessment/Training to benefit from the N75 billion three-year financing for youth owned businesses and ideas.
About 1,000 applications were processed as part of the pilot scheme disbursement, 94 applicants were disqualified after training due to existing Covid-19 or AGSMEIS loans that they have benefited from in the past. If you have an existing loan that has not been fully settled, please go and clear the loan before applying for the NYIF loan, if not you will be disqualified.
The Microfinance Bank in charge of the disbursement has invited a total of 500 applicants to apply for the loan after training and successful due process check. Out of the 500 invited for the loan application, 393 have completed the loan application process and applied for the loan. A total of 293 early applicants had their loan applications processed and sent to the Central Bank of Nigeria (CBN) for approval for a total sum of N191, 700, 000.
After approval by the CBN, only a total of 239 applicants were successful and a total sum of N165, 700, 000 was disbursed to them.
The reasons for the drop in the number of applicants who were forwarded to the CBN for approval and disbursement are as follows: some of them had account numbers that could not receive amounts of such magnitudes, and system failure.
The reason given for the low number of trained beneficiaries was because of non-availability of funds as there was no budgetary provision for it in the budget of 2020. The Ministry hinted that they will increase the number of applicants being trained as they have budgetary provision made for the programme. The number of applicants to be trained will increase and can start by late January 2021.
The Ministry announced that those applicants that have been screened for basic know your customer (KYC) and confirmed as not presently benefiting from similar initiatives of the government will be invited to submit their business proposals for selection, free training and possible granting of the loans.
The loans range from N250, 000 for individuals without registered businesses to N3,000, 000 to those with registered businesses.
