The Federal Government (FG) on Wednesday said another batch of 25,000 young beneficiaries had been shortlisted for the Nigeria Youth Investment Fund (NYIF).
He said this was in addition to the 6,000 initial beneficiaries from the last two rounds.
The development was contained in a statement published on the website of the Federal Ministry of Youth Development and Sport.
According to the statement, the loans of the 25,000 selected youths will be approved for funds for their businesses in the range of N250,000 (two hundred and fifty thousand Naira) to N3m (three million Naira) depending on the scale of the company and its evaluation.
Part of the statement reads: “Most of the newly shortlisted recipients from more than 25,000 successful applicants, who are expected to be part of the loan, have confirmed receipt of emails and text messages confirming approval processes of the program and instructions on how to access the funds.
Also Read: Nigerian government opens application window for N75 billion youth investment fund
“Around 6,000+ young people benefited from the first round of payments in 2020. The names of the recipients have since been made public.”
FG and the Central Bank of Nigeria launched the NYIF in 2020, which aims to financially empower young Nigerians to generate at least 500,000 jobs between 2020 and 2023. It was funded with an initial seed capital of $12. 5 billion naira.
Applicants undergo mandatory entrepreneurship training organized or approved by the Federal Ministry of Youth Development and Sports and NIRSAL Micronance Bank (NMFB) is the Participating Financial Institution (PFI) of the program.
Join the conversation
Support Ripples Nigeria, Support Solutions Journalism
Balanced and fearless journalism, driven by data, has huge financial costs.
As a media platform, we hold leaders accountable and we will not trade the right to freedom of the press and freedom of expression for a piece of cake.
If you like what we do and are willing to support solutions journalism, please donate to the Nigeria Ripples cause.
Your support would help ensure that citizens and institutions continue to have free access to credible and reliable information for the development of society.