The Federal Ministry of Youth and Sports Development has urged applicants of the Nigeria Youth Investment Fund (NYIF) to respond promptly to confirm their approval for the soft loan.
The ministry bemoaned the low rate of response to the loan application, saying less than 14% of the newly shortlisted applicants from the over 25,000 successful candidates have responded to emails confirming the disbursement process.
It made this known via a statement issued and made available to The Star on Tuesday by the ministry’s spokesperson, Mohammed Manga.
The ministry added that it is currently disbursing the NYIF to beneficiaries whose application have been successful.
It noted that shortlisted applicants, who failed to respond to emails confirming the disbursement process, risk forfeiting the loan.
It 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.
“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.
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“Shortlisted candidates must respond to communication in order to conclude the disbursement process. Those who fail to respond risk forfeiting this opportunity.
“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) to N3m (three million Naira) depending on the scale of the business and its evaluation,” the ministry stated.
The ministry noted that that about 6,000 youth benefitted from the first set of disbursements in 2020, adding that the names of the beneficiaries have since been made public.
It stated that, in the second batch, 4,375 have so far responded to their loan offer messages and received their funds.
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