The Federal Government has announced plans to support at least 5,000 National Youth Service Corps (NYSC) members with N10 million each to help them start their own businesses after completing the NYSC program.
The funding, according to the Minister of Youth Development, Dr. Jamila Ibrahim, is part of the upcoming NYSC reforms and is separate from the Nigerian Youth Investment Fund program scheduled for 2024.
Dr. Ibrahim revealed that a team that will review, restructure, and implement reforms within the NYSC will be commissioned to oversee the project.
In his words:
“The thrust of these reforms will be centered on imbuing participants with an entrepreneurship mindset and making skills development the core of the program.”
“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.
What Is The Aim Of The National Youth Skills Program?
The National Youth Skills Programme initiative aims to help the Federal Government efficiently use and oversee the vast assets of the NYSC by making smart investments in different sectors.
The focus sectors for these investments include agriculture, manufacturing, garment making, communication, and digital banking.
President Bola Tinubu’s administration views the plan as a vital move in engaging young individuals in Nigeria’s journey towards becoming a trillion-dollar economy.
The Minister of Youth Development said:
“The National Youth Skills Program 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.
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