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N3bn lent to 7,057 Nigerian youths- CBN
Modupe Shodeinde
The Central Bank of Nigeria (CBN) has stated that it has released N3 billion to 7,057 beneficiaries for the National Youth Investment Fund (NYIF).
The apex bank disclosed this in communique No. 137 of the Monetary Policy Committee Meeting held on Monday 26th and Tuesday 27th July 2021
The recipients comprised 4,411 individuals and 2,646 SMEs.
The National Youth Investment Fund (NYIF) is being implemented by the Youth Ministry in partnership with the CBN and the Ministry of Finance and is being disbursed through NIRSAL.
The Federal Government in April 2021, had explained why it limited the loan amount for the current beneficiaries of the N75 billion Nigeria Youth Investment Fund (NYIF) to N300,000.
The major reason given was that the ministry had received more than 3 million applications for the initial N12.5 billion it made available, adding that at the current cap of N300,000 per beneficiary, only about 41,000 beneficiaries could be covered.
However, in May 2021, the CBN disbursed N2.04 billion to the National Youth Investment Fund for 7,057 beneficiaries, of which 4,411 were individuals and 2,646 were small businesses. By June, the amount had increased to N3 billion for the same number of beneficiaries.
