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Business

Youth Investment Fund: FG disburses over N165 million to 239 beneficiaries

The FG has announced the successful disbursement of over N165 million worth of loans to 239 beneficiaries of the NYIF.

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The Federal Government has announced that the Nigeria Youth Investment Fund (NYIF), has successfully implemented the disbursement of N165,700,000 worth of loans to 239 beneficiaries so far.

This was disclosed in a statement by the FG on Wednesday, the FG said the exercise has received 3 million applications so far.

It said, The Nigeria Youth Investment Fund (NYIF), being implemented by Ministry of Youth and Sport , has successfully completed its pilot disbursement of loans totaling N165,700,000 to 239 beneficiaries ahead of the processing of the over three million applications so far received.”

They added that the fund is being implemented by Youth Ministry in partnership with the CBN and Ministry of Finance and is being disbursed through NIRSAL”

READ: N30,000 Survival Fund: First batch of beneficiaries are receiving grants — FG

What you should know

The Federal Government approved the establishment of the N75 billion Nigerian Youth Investment Fund (NYIF) in July 2020. The government said it could reduce the increasing unemployment rate, which has been worsened by the COVID-19 pandemic, in the country.

How to access loan

  • Potential beneficiaries are expected to have a fundable business idea.
  • Registered business
  • Must be a citizen  of Nigeria
  • Present recognised means of identification and guarantors.

READ: Analysing the Central Bank of Nigeria’s Dollar Remittance Policy

A minimum of N25 billion each year in the next 3 years, totaling N75 billion will be required to ring-fence the NYIF. For the remaining parts of 2020, N12.5 billion will be needed to kick start the NYIF.

The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, disclosed that President Muhammadu Buhari has approved the expansion of the National Social Investment Programme (NSIP).

READ: FG needs to explore nation’s tourism as a panacea for unemployment

Some other programmes in the scheme include; TRADERMONI, MARKETMONI, FARMERMONI, MSME Survival Fund, and N75 billion National Youth Investment Fund (NYIF).

8 Comments

8 Comments

  1. Margaret

    February 4, 2021 at 10:14 pm

    We only hear. We in Akwa Ibom haven’t seen so it’s fake !

  2. Ali dauda

    February 9, 2021 at 7:53 pm

    Ali dauda

  3. Anonymous

    February 11, 2021 at 12:50 pm

    Not even reached Ose, here in ifon

  4. Ibrahim umar

    February 12, 2021 at 8:31 am

    Ibrahim u mar

  5. Shafiu Sani

    February 13, 2021 at 3:15 am

    Sir I got a wrong email address For applying to program is this cost me problems.

  6. Suleiman mustapha Adam

    February 21, 2021 at 12:08 am

    I’m a citizen of Nigeria

  7. Anonymous

    February 24, 2021 at 7:39 am

    We’ve applied yet we’ve not received anything, I think the site isn’t working well, we are suppose to receive an email to complete the registration, but I repeated d process over and over yet to no avail…

  8. Ogunsanmi oluwasile oluwaseun

    February 26, 2021 at 9:34 am

    I haven’t receive any notification since i registered . Please help me look into it .

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Business

AfCFTA to reduce illegal gold mining in Nigeria – Minister of Mines

The Minister of Mines and Steel says that illegal gold mining would be stemmed by the implementation of AfCFTA.

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FG to launch policy to prevent smuggling of mineral resources

The Nigerian Government announced that the implementation of the African Continental Free Trade Area (AfCFTA) would help reduce illegal mining in the country and also standardize Mining practices in Nigeria.

This was disclosed by the Minister of Mines and Steel Development, Mr Olamilekan Adegbite, at the NAN forum in Abuja on Sunday.

The Minister disclosed that the mining sector was ignored by the Federal Government after oil was discovered, which made it possible for artisanal miners to venture into the sector.

Right now, many Nigerians are into artisanal mining and this was caused by the fact that when oil was discovered, Nigeria moved away from mining, which was the mainstream of the economy.

Before oil and gas, Nigeria relied on coal and tin; we were exporting and were indeed, quoted on the London Metal Exchange.

“And that is basically what was giving Nigeria money in those days before oil came but when oil came, we moved away. We left mining behind,” he said.

READ: Aviation Minister orders airline operators to ensure rights of persons with disabilities

He added that the most mined commodity in Nigeria by artisanal miners is gold, which has created a lucrative black market for international buyers. He also said that with the AfCFTA, documentation of mining exports would be required, reducing illegal outflows.

Gold is the most traded mineral in Nigeria and these people mine gold and get nuggets. There are several thousands of such miners, when you aggregate what they mine, it comes in large volume and several kilos of gold,” he said.

To know the extent of the money they make in the gold business, they hire private jets to take them out illegally because they realise a lot of money.

“At the rate gold is selling, one ounce of gold is selling for $2,200 and by the time you carry a thousand kilogrammes, you are making several billions of naira.

But with AfCFTA coming into effect, we hope that other countries will cooperate with Nigeria because now it is a free trade but there is documentation,” he added.

READ: Gold prices suffer worst week in four months

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The Minister said that with AfCFTA going into effect, the FG hopes it will help stem the problem because Nigeria is  supposed to trade freely with Africa with documentation.

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We hope that other countries will cooperate with Nigeria. I will not allow such illegal activity to go on within those countries,” he said.

In case you missed it: Nairametrics also reported that the Mining Minister said a Nigerian-Canadian company, mining gold in Nigeria’s Osun State looks set to commence the exportation of gold in June this year.

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Business

Insecurity: Nigeria needs to increase military spending – Senator Ali Ndume

Ndume has called on the FG to increase military funding so as to contain the rising insecurity in the country.

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#EndSARS: Nothing wrong with social media bill - Ali Ndume, Senate rejects VAT increase

Senator Ali Ndume insisted that the Federal Government needs to increase its total military spending to be able to tackle the rising insecurity in Nigeria which has seen a number of school students in 2021 kidnapped by bandits.

The Senator disclosed this in an interview with Channels TV on Sunday evening.

“We have the forces on ground, but they need what it takes especially more equipments.

“All these take a lot of money, and they need to be given those things in order for them to perform.

“The number one priority is ammunition and those are lacking. They are not sufficient enough,” the Senator said.

READ: Don Jazzy laments artistes’ loses to insecurity across Nigeria

The Senator said that the Nigerian Air Force must have the air capabilities that translate to things like fighter jets, helicopters, etc. Ndume said that the military must be given adequate training in order to be able to manage such equipment.

He added that Nigeria is placed in an unfortunate position, which has seen it lacking in air defense capabilities and revealed the build-up to higher military equipment purchase is not easy.

He called for the FG to explore all options, in order to make sure that the Nigerian armed forces have all that they need to rise up to the challenge of insecurity.

READ: Boko Haram: A protracted battle yet to be won?    

He said, “I am not satisfied. The funding of the armed forces and security agencies is not enough, compared to our population of over N200 million.

“When you look at current military spending, compared to other poor countries around, we are not doing enough, we have to do more.”

What you should know 

  • In recent years, insecurity in the country has heightened with Boko Haram terrorism, herders-farmers clashes, attacks and kidnappings by bandits, etc.
  • Nairametrics reported that President Muhammadu Buhari said the Federal Government will not succumb to blackmail by bandits who target innocent school students in the expectation of huge ransom payments.

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