NYIF Loan Disbursement Commences 2024 N165 Million Naira

NYIF Loan Disbursement has Commenced 2024 Beneficiaries of N165 Million Naira nyif.nfmb.com.ng

NYIF Beneficiaries Receives N165 Million Naira – have you Checked Your Status to know if you are amongst those who recently received or got paid?
Did you apply for ongoing Nigerian Youth Investment Fund (NYIF) Loan?

This programme is under the Ministry of Youth and Sports Development and they coordinating the whole scheme to see that the youth get access to financial instruments that will help drive their business ideas in to reality.

The ministry has since coordinated the disbursement of over N165,700,000.00 to 239 beneficiaries, hope you have heard about this? Federal Ministry of Youth and Sports loan

The Loan disbursement is not just an affairs of the Ministry of Youth and Sports Development but has several bodies coordinating it,

such as Ministry of Finance, Federal Ministry of Budget and National Planning, Central Bank of Nigeria and we have the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank NMFB serving as the channel through which the loan gets to the beneficiaries.

NYIF Loan range

The Loan is designed to help over 500,000 youth who has nice business ideas with capital to help fund their businesses, this programme is expected to run from 2023 ,

There is more and much to gain from this scheme, like for example the minimum amount available is 250,000 naira and the maximum is 50 million naira

Remember we said that the loan will last for 3 years (2020 to 2023). To keep it going, a minimum of N25 billion has been budgeted for each year, totalling N75billion .

The data we obtained shows that 3,120,107 have successfully registered. Remember that more batches are underway. So if you missed out in this Batch, don’t worry just be calm the portal will be opened again for next Batch.

NYIF Loan Application Form/Portal

The application portal has not changed, it still remains https://nyif.nmfb.com.ng/ so when the next registration starts, please inform your friends about it.

What could disqualified most applicants:

As applicant keeps getting their loan request approved please be aware that one could be disqualified from the scheme, if such a ones is a beneficiary of any federal Government loan or grant such as the COVID 19 or AGSMEIS loan.

At least we have gotten report that a lot of people were disqualified based on this ground.

If eventually you aren’t disqualified or you scale through, then NMFB will send you an invitation mail or SMS to apply for the loan.

How to get NYIF Loan Approved

Filling the online application form doesn’t translate getting the NYIF but meeting all checklists and requirements

Before NYIF officials in-charge gets your loan request approved you should be willing to get trained, so the best way to get that done is to locate the training centres closer to you.

FILLING THE ONLINE FORM and BE TRAINED.

NYIF Loan update

When the Federal Government announced the 75 billon naira NYIF, millions of Nigerians were excited, honestly it was an excellent opportunity given to the youth to seize and in other to make their dreams comes through.

Actually hundreds of thousands of Nigerians embraced the scheme with an open arms and at some point over 5 million had applied within few days.

The Government on the other hand felt that this is the best way to halt the economy from failing and and bring to a minimum point the unemployment rate.

At some point most youth who got wind of the registration portal find it hard accessing the loan, they are not grounded on how to successfully register on the portal.

Below are steps to access the facility and all you need to know about the scheme.

How to access loan

having a fundable business idea is the key here.
Your business should be Registered
This Loan is for citizen of Nigeria which means the business should be own by a Nigerian.
You should have an identification such as international passport or voters card/NIN and guarantors.
You don’t need to know anyone before getting the loan.