FG SET TO EMPOWER 5,000 NYSC MEMBERS WITH N10 MILLION EACH FOR ENTREPRENEURIAL VENTURES

In a bid to boost entrepreneurship among Nigerian youths, the Federal Government has unveiled plans to empower 5,000 members of the National Youth Service Corps (NYSC) with N10 million each to fund their entrepreneurial ventures post-NYSC.

Dr. Jamila Ibrahim, Minister of Youth Development, made the announcement during the opening ceremony of the NYSC management’s inaugural meeting with the heads of Nigeria’s Corps Producing Institutions (CPI), which took place on Monday in Abuja.

Dr. Ibrahim stated that this funding initiative is part of the upcoming NYSC reform and is distinct from the Nigerian Youth Investment Fund programme, scheduled for 2024.

This move underscores the government’s commitment to supporting young Nigerians in becoming successful entrepreneurs.

According to the minister “I will be inaugurating a team to undertake the review, restructuring and reforms of the NYSC.

“The thrust of these reforms will center on imbuing participants with an entrepreneurship mindset and making skills development the core of the programme.”

“Though the scheme already includes this objective, 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.”

The minister emphasized the importance of leveraging and managing NYSC’s assets for strategic investments in sectors like agriculture, manufacturing, garment making, communication, and digital banking. 

The National Youth Skills programme, a 12-month initiative, will now start with a six-month abridged version. 

The minister expects these ventures to drive innovation and economic growth in strategic sectors.

She urged them, as custodians of higher education in Nigeria, to nurture the intellectual, moral, and civic capacity of the nation’s youth.