NYIF: FG Urges Nigerian youths who applied for loans and received approval to come for their loan requests

NYIF: FG Urges Nigerian youths who applied for loans and received approval to come for their loan requests

  • The federal government has issued a come get it or lose it warning to Nigerian youths who applied for business loans.
  • The loans were made available through the Nigeria Youth Investment Fund (NYIF) and it is expected to create 500,000 jobs
  • Since the initiative's inception, FG has revealed that no fewer than 25,000 youths have been successful

The Federal Ministry of Youths and Sports Development is appealing to Nigerian youths who applied for loans under the Nigeria Youth Investment Fund (NYIF) to come for disbursement.

According to the Ministry in a Twitter post, less than 14% of the newly shortlisted applicants from the 25,000 successful candidates, who are expected to be part of the loan, have responded to emails confirming their approval to receive the soft loan.

Read also

After ordering Nigige to resign, Buhari sends message to ASUU

While noting that instructions on how to access the funds are contained in the email sent, the Ministry expressed worry that the rate of response to the emails has been “quite low.”

Nigerian youths, Federal government
The NYIF is considered the brainchild of CBN and the Ministry of Youths and Sports development Credit: GASHR
Source: Getty Images

It added that those that responded have received the funds into their PFI designated bank accounts, Nairametrics reports.

PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates!

Low response from Nigerian youths

The Ministry in a statement signed by its Director, Press & Public Relations, Mohammed Manga, said:

“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.

Read also

Exercise Books, Textbooks, other Print materials to Become more Costly as Cost of Paper Imports hit N1.23trn

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

The Nigerian Youth Investment Fund (NYIF)

The Federal Ministry of Youth and Sports Development (FMYSD) and the Central Bank of Nigeria launched the NYIF in 2020 which aims to financially empower Nigerian youth to generate at least 500,000 jobs between 2020 and 2023.

It was funded with an initial take-off seed capital of N12.5 billion

Report Reveals Almost 60% of Nigerian Youths have No idea or Skills of Microsoft Word

Meanwhile, Legit.ng had ted earlier that a recent National Youth Survey, shows that less than half of Nigerian youth aged 15 to 35 have knowledge of the use of word processing software such as Microsoft Word, Google Docs, or OpenOffice.

The survey noted that out of 23.4 million youths surveyed, only 9.7 million indicated they have skills in word processing and 13.7 million reveal no competence in word processing.

Read also

Abacha loot: UK anti-graft agency announces recovery of $23.5M

The report also showed 21.8 million can browse the internet, while 3.6 million, 2.7 million, and 1.3 million indicated they have skills in graphics and design, specialist software packages, and certified IT experts, respectively.

Source: Legit.ng

Online view pixel