We will like to notify you all that the Federal Ministry of Youth and Sports Development (FMYSD), has Pre-Approved More Nigerian Youths For the Nigeria Youth Investment Fund (NYIF) Loan Disbursement.
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NYIF Loan Disbursement 2021/2022
The Nigeria Youth Investment Fund (NYIF), operated by the Ministry of Youth and Sports Development, has disbursed loans to 5,200 youth amounting to one billion six hundred and twenty-nine million two hundred and twenty thousand naira (N1,629,220,000.00)
The information is contained in the latest update provided to the Ministry by the NIRSAL Micro Finance Bank (NMFB), which disburses the loan showed that it was prepared to disburse to another batch of 25,000 youth once their loan applications are approved.
Reasons why some applicants did not get the NYIF Loan
An advisory from the Ministry revealed that some applicants were not qualified for loan disbursement because the applicant did not provide valid or correct contact details for communication on further steps in the loan application; the applicant has existing AGSMEIS or COVID 19 Loan and that an applicant is older than 35 years old, which puts them beyond the age bracket for youth.
Other reasons are that the applicant has a poor credit rating or currently has a non-performing loan, the applicant failed to provide a valid BVN and provided incomplete or incorrect BVN.
How to repay the NYIF loan 2021/2022
The Ministry are using this medium to inform all beneficiaries and applicants that the Nigeria Youth Investment Fund (NYIF) disburses repayable loans to the youth and not grants.
You are expected to pay back the loan at the stipulated time.
How to Apply/Register for NYIF Loan 2021
All interested Nigerian youths that meets the requirements should hurry and apply by clicking on https://nyif.nmfb.com.ng
For NYIF Applicants who need answers to questions regarding the NYIF registration, training and loan disbursement, click on NYIF Support Team Phone Numbers And Email
NYIF Loan Disbursement Stream 2
Another batch of 25,000 has been pre-qualified for training ahead of final clearance for disbursement with the Ministry disclosing that it was in consultations with other partners to expand the loans disbursement platform to fast track access to the Fund.
Only N3 billion has been provided by the Central Bank of Nigeria (CBN) out of the N12.5billion approved for the first tranche of N12.5billion approved for the first tranche of the NYIF. So far, 54.6 % of the N3 billion has been disbursed.
About 25,000 are lined up for approval, training, and eventually disbursement.
NYIF Loan Application Link
The valid link for NYIF loan application is https://nyif.nmfb.com.ng/Applicants/New
This loan is specifically for Nigerian youths between the age of 18 and 35 years who have a fund-able business idea. It is expected that this loan will help reduce the increasing rate of unemployment, which has been worsened by the COVID-19 pandemic.
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