The Central Bank of Nigeria said it had disbursed a total of N3 billion to 7,057 beneficiaries under the Nigerian Youth Investment Fund Initiative.
According to the apex bank, the recipient comprised 4,411 individuals and 2,646 SMEs.
Governor of the CBN, Godwin Emefiele, disclosed this at the just concluded Monetary Policy Committee Meeting held in Abuja.
Recall that President Muhammadu Buhari led Federal Executive Council established the NYIF on 15th of October 2020, and approved a joint implementation of the initiative in collaboration with the Central Bank of Nigeria, Ministry of Finance, Budget and National Planning.
In addition, the Federal Government disclosed that the grants will be disbursed through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending Microfinance Bank.
As of June this Year, the NYIF disclosed that it had disbursed a total of about N1.63 billion to 5,200 Nigerian Youth.
According to the data made available to journalists, the total eligible applications of 6,054, only 5,200 were honoured, while 854 applications were approved but yet to receive their funding during the period under review. 721 applications were concerned invalid or unqualified.
On the other hand, the CBN in its recent report also revealed that 356 beneficiaries across movie production, software development, movie distribution, fashion, etc., received a total of N3.22 billion under the Creative Industry Financing Initiative.