The Federal Government of Nigeria has announced plans to empower at least 5,000 members of the National Youth Service Corps (NYSC) with N10 million each to fund their entrepreneurial ventures after they complete the NYSC program.
This was disclosed by the Minister of Youth Development, Dr. Jamila Ibrahim during the opening ceremony of the inaugural meeting of the NYSC management with heads of Corps Producing Institution (CPI) in Nigeria, held on Monday in Abuja.
Ibrahim mentioned that this funding plan aligns with the upcoming NYSC reforms and is separate from the Nigerian Youth Investment Fund Program scheduled for 2024.
She said that she plans to assemble a team that will be responsible for the review, restructuring, and reform of the NYSC.
“The thrust of these reforms will be centred on imbuing participants with an entrepreneurship mindset and making skills development the core of the programme.”
“Though that is already part of the objectives carried out by the scheme, the aim is to partner with it to strengthen the mandate.
“How do we make the scheme more efficient, more effective, and more beneficial to both the nation and the Corps members?
“So, we envision a future where the NYSC program is not only self-sustaining but also a revenue-generating program within the next five years.
“To achieve this, we will institutionalize the NYSC ventures as an investment and asset management outfit,” she said.
The minister elaborated on how this initiative will enable the Federal Government to efficiently utilize and oversee the abundant assets of the NYSC, strategically investing in diverse sectors. She specifically emphasized that the targeted sectors for these investments include agriculture, manufacturing, garment making, communication, and digital banking.
She also emphasized that this endeavor showcases the government’s dedication to supporting entrepreneurial ventures led by young people. It is seen as progress towards engaging the youth in Nigeria’s journey towards becoming a trillion-dollar economy.
“The National Youth Skills programme will play a pivotal role in these reforms. While typically a 12-month program this year, we’ll start a six-month abridged version.
“We expect the ventures funded to emerge from this program in various strategic sectors driving innovation and economic growth,” she added.
The minster therefore urged the participants, being the guardians of higher education in Nigeria, to embrace the significant duty of fostering the intellectual, moral, and civic development of the country’s young generation. This emphasizes the profound responsibility they hold in shaping the minds and character of the nation’s youth.
