The Federal Government of Nigeria has announced a plan to provide N10 million each to at least 5,000 National Youth Service Corps (NYSC) members to support their entrepreneurial ventures upon completing the program. This initiative was revealed by Dr. Jamila Ibrahim, the Minister of Youth Development, during the opening of the inaugural meeting of NYSC management and heads of Corps Producing Institutions (CPI) in Abuja.
Dr. Ibrahim noted that this funding plan is part of upcoming NYSC reforms and is distinct from the Nigerian Youth Investment Fund Program slated for 2024. She outlined her strategy to form a team dedicated to reviewing, restructuring, and reforming the NYSC.
“The focus of these reforms will be to instill an entrepreneurial mindset in participants and to prioritize skills development as the core of the program,” she explained. “While these objectives are already part of the scheme, our goal is to strengthen this mandate.”
She envisioned a future where the NYSC program is self-sustaining and revenue-generating within five years. To achieve this, NYSC ventures will be institutionalized as an investment and asset management entity. This approach will enable the Federal Government to manage and invest NYSC’s assets efficiently across various sectors, including agriculture, manufacturing, garment making, communication, and digital banking.
Dr. Ibrahim emphasized the government’s commitment to supporting youth entrepreneurship as a step toward Nigeria becoming a trillion-dollar economy. The National Youth Skills program will be crucial in these reforms, starting with a six-month abridged version of the typically 12-month program. The funded ventures are expected to drive innovation and economic growth.
She urged the academic leaders present to embrace their vital role in fostering the intellectual, moral, and civic development of Nigeria’s youth, highlighting their responsibility in shaping the future generation.
