Business & Loans

NYIF Update: FMYSD Insists on Training Before Loan Approval And Disbursement

Published

3 years ago

July 12, 2021

NYIF Update: FMYSD Insists on Training Before Loan Approval And Disbursement

The Federal Ministry of Youth and Spprts Development have Insisted that NYIF beneficiaries will undergo training before loan approval and disbursement.

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After the “Account Update” made by the applicants of the Nigeria Youth Investment Fund which was directed by the Federal Ministry of Youth and Sports Development, majority of the applicants thought after the Account Update, the next step will be disbursement of the NYIF loan to the Applicants who had successfully updated their Bank Accounts, assumed cancellation of the “Training”.

In a report, the Federal Ministry of Youth and Sports Development has clarified that the Training of the applicants of the Nigeria Youth Investment Fund is not an option but an essential and compulsory process in assessing the NYIF Loan, which every applicant must undergo regardless of region or calibre.

The Ministry further noted that Training of the Applicants is in batches while encouraging the applicants to remain patient and await their online training invitation.

FMYSD in one of its latest updates announced that it has pre-qualified another batch of 25,000 Youths who would participate in the compulsory Training before qualifying for the loan disbursement.

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The Ministry further clarified that the Nigeria Youth Investment Fund is a 3 years programme which has only recieved N3 Billion released by the Central Bank of Nigeria out of the N12.5billion approved for the first tranche of the NYIF.

According to the Ministry’s report “so far, 54.6 % of the N3 billion has been disbursed”

Hence, in the next two years, it is expected that the N75 Billion earmarked for the programme would have been disbursed to the Nigerian Youths on the present maximum loan cap of N300,000 per beneficiary.

NYIF Update: FMYSD Insists on Training Before Loan Approval And Disbursement