FG ANNOUNCES 10 MILLION NAIRA GRANT FOR 5,000 NYSC MEMBERS TO LAUNCH BUSINESSES
Revamping the Scheme for Youth Empowerment and Economic Growth
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Focus on Entrepreneurship: The Ministry of Youth Development plans to reform the National Youth Service Corps (NYSC) program, with a focus on equipping participants with an entrepreneurial mindset and making skills development a core component. This builds upon the existing objectives but aims to strengthen the NYSC’s ability to benefit both corps members and the nation.
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N10 Million Grant for Businesses: As part of the reforms, the federal government will empower 5,000 corps members with a grant of N10 million each to launch businesses upon completion of their service. This initiative is separate from the Nigerian Youth Investment Fund program for 2024.
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Self-Sustaining and Revenue-Generating NYSC: The reforms envision a future where the NYSC program becomes self-sustaining and generates revenue within five years. To achieve this, the vast assets of the NYSC will be leveraged for strategic investments in various sectors like agriculture, manufacturing, garment making, communication, and digital banking.
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Abridged National Youth Skills Programme: The National Youth Skills Programme, typically a 12-month program, will offer a six-month abridged version to support the newly funded ventures. These ventures are expected to drive innovation and economic growth in various strategic sectors.
Strengthening Collaboration with Higher Institutions
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Meeting with Corps Producing Institutions (CPIs): The Ministry convened a meeting with heads of CPIs to discuss challenges in the mobilization process and identify solutions. The goal is to ensure a more seamless experience and eliminate avoidable problems.
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Emphasis on Nurturing Youths’ Capacity: The Minister urged participants, representing higher education institutions, to take responsibility for nurturing the intellectual, moral, and civic capabilities of Nigerian youths.
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Addressing Issues with Mobilization: The NYSC Director-General highlighted concerns about some CPIs not fully implementing decisions aimed at improving the mobilization process. Issues like delegation of roles and unqualified applicants were identified. The meeting aimed to secure greater commitment from stakeholders to address these challenges.
Focus on Innovative Strategies and Technology
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Optimizing IT Solutions: The Minister of the FCT commended the NYSC’s focus on using technology for data collection and processing during mobilization and deployment. Encouragement was given to continue optimizing IT solutions for accuracy and efficiency.
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Importance of Stakeholder Engagement: The importance of this inaugural meeting between the NYSC and CPIs was emphasized. This type of regular engagement with stakeholders aligns with best practices for achieving desired results.
The overall message from the Ministry is a commitment to reforming the NYSC program to better equip young graduates for the future and contribute more significantly to Nigeria’s economic development.
