CBN Approves Payment Date for NYIF Applicants (N75 billion)

The Federal Government has approved payment date for applicants of N75 billion Nigerian Youths Investment Fund (NYIF).

NYIF Loan

NYIF was established last month by the Federal Government in collaboration with Central Bank of Nigeria(CBN) to funding and supporting youths in their businesses.

NYIF is designed to reduce unemployment rate by creating more jobs opportunities for unemployed Nigerian youths.

The money will be disbursed through different channels including Micro Finance Bank, approved by Bank Of Industry(BOI) and Central Bank Of Nigeria(CBN).

According to the statement by the Bank Financial Development Department;

“The disbursement will be made immediately after proper approval by the Central Bank Of Nigeria and NISRAL Micro finance bank BEFORE the END of this YEAR.

And it will continue till 2023 with N25 billion each year, Which will be only available to youths under the age of 18-35years”.

If you have not registered for NYIF, visit NYIF loan application portal.

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Updated: November 15, 2020 — 10:50 am

3 Comments

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  1. Prof…
    pls enlight us more about it, I how that bank will partner with others bank to run it smoothly

  2. Pls I applied for the NYIF but I don’t have an account with any micro finance except commercial banks. Will CBN pay to our commercial bank account or we will need to open an account with the approved Micro finance bank.

  3. Labe Selumun Elijah

    I thank the federal government for making ways so that youth and citizen will not be idle both have something doing. I pray that they should fulfill it. Kudos once again.

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