Nigeria Government to Empower 5,000 Corps Members with ₦10 Million Each For Entrepreneurial Funding

The Federal Government has unveiled plans to empower at least 5,000 Corps members with ₦10 million each to kickstart their entrepreneurial ventures upon completing the National Youth Service Corps (NYSC) scheme. This initiative, announced by the Minister of Youth Development, Dr. Jamila Ibrahim, aims to foster entrepreneurship and skills development among participants.

During the maiden meeting of National Youth Service Corps (NYSC) management with heads of Corps Producing Institutions (CPI) in Nigeria, Dr. Ibrahim outlined the proposed reforms for the NYSC. These reforms focus on instilling an entrepreneurship mindset and making skills development the core of the program. The aim is to enhance the efficiency and effectiveness of the scheme while ensuring it becomes self-sustaining and revenue-generating within the next five years.

To achieve this goal, the Federal Government plans to institutionalize the NYSC ventures as an investment and asset management outfit. This move will enable strategic investments in sectors such as agriculture, manufacturing, garment-making, communication, and digital banking.

The initiative underscores the government’s commitment to investing in youth-led entrepreneurial ventures as a crucial step towards Nigeria’s journey to becoming a trillion-dollar economy. Additionally, the National Youth Skills program will play a pivotal role, with a six-month abridged version starting this year to drive innovation and economic growth.

Director-General of NYSC, Brig.-Gen. Yusha’u Ahmed emphasized the importance of engaging with Vice-Chancellors, Rectors, and Provosts to enhance the mobilization process. The meeting aimed to address flaws and ensure a more seamless mobilization process by eliciting greater commitment from stakeholders.

Minister of the Federal Capital Territory, Nyesom Wike, commended the NYSC’s adoption of innovative strategies and technology-driven approaches to enhance efficiency. He urged active participation in the meeting, expressing confidence that it would lead to a more responsive and impactful NYSC.