The Federal Government of Nigeria has announced its plan to empower at least 5,000 members of the National Youth Service Corps (NYSC) with ₦10 million each to fund their entrepreneurial ventures after they complete the NYSC scheme.
Jamila Ibrahim, Minister of Youth Development made this announcement during the inaugural meeting between NYSC management and leaders of Corps Producing Institutions (CPI) in Abuja on Monday.
According to her “The focus of these reforms is to instill an entrepreneurial mindset and make skills development the core of the program.
“The National Youth Skills program will play a pivotal role in these reforms. While typically a 12-month program, this year we’ll start with a six-month abridged version.”
She noted that the funding initiative aligns with the upcoming NYSC reforms and is distinct from the Nigerian Youth Investment Fund program set for 2024.
She however emphasized that the funded ventures are expected to emerge from this program, targeting various strategic sectors to drive innovation and economic growth.
Ibrahim also outlined a vision for the future where the NYSC program becomes self-sustaining and generates revenue within the next five years.
According to her, she will be inaugurating a team to undertake the review, restructuring and reforms of the NYSC.
She said “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 programme is not only self-sustaining, but also a revenue generating programme within the next five years.
“To achieve this, we will institutionalise the NYSC ventures as an investment and asset management outfit.”