The Federal Government is currently disbursing another round of the Nigeria Youth Investment Fund (NYIF) to youth beneficiaries whose application have been successful.
The Federal Ministry of Youth and Sports Development in a statement issued on Tuesday by the director Press and Public Relations Mohammed Manga said less than 14% of the newly shortlisted applicants from the over 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.
The statement indicated that instructions on how to access the funds are contained in the email sent.
“The rate of response to the emails have been quite low. However, others who responded have received the funds into their PFI designated bank accounts.
“Shortlisted candidates must respond to communication in order to conclude the disbursement process. Those who fail to respond risk forfeiting the opportunity.”
According to the statement, the Nigerian Youth Investment Fund (NYIF) is being disbursed to the youth who have expressed business needs within a range of N250,000 (Two Hundred and Fifty Thousand Naira) and N3m (Three Million Naira) depending on the scale of the business and its evaluation.
According to the statement, About 6,000 youth benefitted from the first set of disbursements in 2020 and the names of the beneficiaries have since been made public.
However, the statement indicated that in the second batch only 4,375 have so far responded to their loan offer messages and received their funds.
It reiterated that the NYIF guidelines and processes remain the same.