The Federal Government (FG), on Tuesday, said another batch of 10,000 youth beneficiaries have been shortlisted for the Nigeria Youth Investment Fund(NYIF).
It said this is in addition to the initial pilot phase where 5,285 beneficiaries were shortlisted.
This was contained in a statement issued by Kola Daniel, media aide to the Minister of Youths and Sports Development, Mr Sunday Dare.
It stated that the beneficiaries would be trained after which they will be approved for funds disbursement under the NYIF scheme.
The statement quoted the minister as saying that the beneficiaries emerged out of the ongoing screening of over three million applicants for the loan.
“With the successful completion of this pilot phase, NIRSAL has cleared names of another ten thousand (10,000) for training and subsequent loan approval and disbursement. Loans are in the range of two hundred and fifty thousand (N250,000) to three million naira(N3,000,000) for now.
“These names are available on the FMYSD website and NOYA website. Checks done include Age, BVN whether or not the individual has an existing government loan or has received covid 19 business payments.
“All approved applicants will undergo training to ensure efficient use of the loan, therefore, increasing the yield and growth the loan can deliver to the intended business owner,” it stated.
The NYIF is an initiative by the Federal government to invest in the innovation skills and enterprise of young Nigerians.
The loan has a single-digit APR of 5 per cent and a moratorium of 12 months before repayment. Nigeria Youth Investment Fund(NYIF) was approved by Federal Executive Council in July 2020.
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