Are you an applicant of NYIF? Did you partake in the training or not? Are you willing to known your stands in terms of funds disbursement? If ‘yes’, you need to read-up this post to be updated.
The Nigeria Youth Investment Fund (NYIF) program has recorded good turn-up in terms of both the number of applicants, and disbursement of funds.
The NYIF scheme is being piloted by the Federal Ministry of Youth and Sports Development (FMYSD), where each beneficiary will be given a soft loan amounting from two hundred and fifty thousand naira (N250,000) for individuals to three million naira (N3,000,000) for firms.
So far, the number of applicants that registered for the pre-selection phase of the program is three million one hundred and twenty thousand, one hundred and seven (3,120,107) persons.
Out of which one thousand (1,000) applicants were invited for the training. Among those invited, ninety four (94) were already beneficiaries of other governmental programs, and had to be screened out.
Those that made it from the training were five hundred (500) candidates, of which only two hundred and ninety-three (293) successful applicants submitted their business plan (proposal), and completed the application process for the loan disbursement.
As at current, only two hundred and thirty-nine (239) out of the two hundred and ninety-three (293) beneficiaries have been funded, making the total amount of loan given out to be one hundred and sixty five million, seven hundred thousand naira (N165,700,000).
The reason behind the unsuccessful disbursement to the entire 293 qualified applicants, was as a result of their accounts inability to receive funds greater than one hundred and fifty thousand naira.
However the body given the task of disbursing funds to beneficiaries has promised to rectify all issues, and do the disbursement to the remaining qualified candidates as soon as possible.
Talking about the reduced number of trained applicants, the ministry had given a clear explanation why only a thousand (1,000) was trained out of over three million applicants.
Reason be that, there was no budget for the training process which will cost them a lot, but hopefully more applicants will be trained since there is provision for that in the 2021 budget.
The next training phase will be done any time soon, as the body known as Entrepreneurship Development Institutes (EDIs) will take charge of it, to accommodate more applicants.
Note: The training might commence late January, or early February.
Applicants that are yet to be trained should therefore start preparing, so they can benefit from the proposed seventy five billion naira (N75,000,000,000) loan empowerment scheme.