FG to Empower 5,000 NYSC Members with N10 Million Each

In a bid to bolster entrepreneurship among Nigerian youth, the Federal Government has unveiled a groundbreaking initiative set to empower 5,000 National Youth Service Corps (NYSC) members with N10 million each to kickstart their entrepreneurial endeavors post-NYSC.

The announcement came from the Minister of Youth Development, Dr. Jamila Ibrahim, during the inaugural meeting of the NYSC management with heads of Corps Producing Institutions (CPI) in Nigeria, convened in Abuja on Monday.

Dr. Ibrahim highlighted that this funding initiative is a significant component of the forthcoming NYSC reforms and is separate from the Nigerian Youth Investment Fund program scheduled for launch in 2024.

Speaking at the event, Dr. Ibrahim outlined the vision behind the initiative, emphasizing the government’s commitment to instilling an entrepreneurial mindset among NYSC participants and prioritizing skills development within the program.

She articulated, “The thrust of these reforms will be centered on imbuing participants with an entrepreneurship mindset and making skills development the core of the program.”

Moreover, Dr. Ibrahim underscored the government’s intention to transform the NYSC program into a self-sustaining and revenue-generating platform within the next five years. To achieve this, she revealed plans to institutionalize NYSC ventures as an investment and asset management entity, leveraging the program’s extensive assets to make strategic investments across key sectors such as agriculture, manufacturing, garment making, communication, and digital banking.

The minister further elaborated on the role of the National Youth Skills program in driving these reforms, announcing a transition to a six-month abridged version of the typically 12-month program. She expressed optimism that ventures funded through this program would contribute significantly to innovation and economic growth in strategic sectors.

Dr. Ibrahim urged stakeholders to recognize their pivotal role in nurturing the intellectual, moral, and civic capacity of Nigeria’s youth, emphasizing the importance of collaboration in realizing the government’s vision for youth empowerment and national development.