The Federal Ministry of Youths and Sports Development revealed that no fewer than 3 million Nigerian youths applied for the Nigeria Youth Investment Fund loan.
However, there are 266 beneficiaries since its inception in July, 2020. Many people that applied are yet to get the loan.
The Nigeria Youth Investment Fund was created in July 2020 to support Nigerian youths that are willing to go into business.
It was to cushion the effect of lockdown and social-economic hardship including unemployment. More than six months after it was created only 239 youths have obtained their loans.
If you applied early and have not gotten yours, you are not alone. The Federal Ministry of Youths and Sports Development has revealed that over 3 million Nigerian youths applied for the NYIF.
Whereas only NGN 166 million has been released so far and training will commence this January for those selected. Loan amount ranges from NGN 250,000 to NGN 5 Million.
It is noteworthy that the process has not closed. After due verifications, more loans will be disbursed to applicants.
However, some categories of applicants will be disqualified. Those in this category will not get the NYIF loan.
Here are 5 (five) reasons why you have not gotten your Nigeria Youth Investment Fund loan, months after applying.
1 You benefited from other Social Investment Programmes of the Buhari administration.
If you applied and received a Covid-19 loan for MSMEs you will be disqualified from the NYIF loan for that very reason.
2 Your account was restricted to a certain amount.
In this case, you will be contacted to sort out your account issues but until it is done you will not the loan because your account cannot have more than a certain amount of money. Visit your bank to upgrade your account to tier 3 and above.
3 You provided a wrong BVN or account information
Your Biometric Verification. Number BVN must be accurate or else you won’t be successful in the verification processes of the Nigeria Youth Investment Fund.
4 False information during registration
Misleading information when discovered can shatter your chances of getting the NYIF loan.
5 You are indebted to a commercial bank
Unlike other private promotional campaigns, if you are indebted, a commercial bank will withhold your loan even when released before you can access it. You may also be disqualified during verification if you are found to be heavily indebted.
If the reason for not getting the Nigeria Youth Investment Fund is due to wrong information, you may be contacted soon for rectification. If otherwise, you may have been disqualified.
For the latest Nigerian news and updates, follow us on Facebook and Instagram