NEXIT Loan Training Update Today 5 March 2022

In the NEXIT Loan, NEXIT Loan Training, NEXIT Loan Training Date and NEXIT Loan Disbursement Date Update Today 5 March 2022.

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BrandNewsDay Nigeria wishes to douse panic and invigorate hope among the exited Batch A and B Npower beneficiarieswho felt disappointed as February ended without the commencement of the NEXIT Loan Training.

The reality is, preparation for the NEXIT Loan Training is ongoing and the NEXIT Loan Training will only last for “One Week”. It is not a “two weeks” or “one-month” training as such would take a longer time.

Recall that the Minister for Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouk, disclosed that before the end of March 2022 (First Quarter of 2022), the exited Npower beneficiaries who indicated an interest in the NEXIT Loan, would have been trained and Loan amounts disbursed to them to as a financial boost to enable them to establish or expand their businesses.

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The minister in her statement during a weekly ministerial briefing organised by the presidential media team on Thursday said her Ministry has gone far in preparations to ensure the exited Npower beneficiaries are Trained and Loan from the Central Bank of Nigeria disbursed to them.

Farouk had earlier disclosed that the disbursement of the NEXIT Loan will be based on CBN criteria and regulated by rules guiding its intervention loan programmes. This means that the Central Bank of Nigeria will develop the “Framework” for the NEXIT Loan Duration, Interest Rate, Moratorium and eligibility criteria.

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The NEXIT Loan amount is between N250,000 – N3million as obtainable in the CBN Intervention Loan Programmes such as AGSMEIS Loan, COVID-19 Targeted Credit Facility Loan, and the Nigeria Youth Investment Fund Loan Scheme, and a loan, it is repayable with interest.

Farouk had further noted that out of the 500,000 Exited Npower beneficiaries, 300,000 will benefit from the CBN Intervention Loan Programme after the forthcoming Vocational Training (NEXIT Loan Training) being organised by the Ministry.

Why are only 300,000 Exited Npower beneficiaries eligible for the NEXIT Loan Training and/or disbursement?

According to the Minister, about 109,000 beneficiaries said they have established businesses with the savings realised from their N30,000 stipends. This is based on the data generated during a Npower impact assessment program organised by Afolabi Imoukuede when the beneficiaries were asked to make a video of how Npower had changed their lives, in order to stand a chance of winning N1million.

The rest did not succeed in registering through the NEXIT Loan application Portal and as such, for now, ineligible for the NEXIT Loan Training or NEXIT Loan Disbursement.