Nigeria unveils ambitious plan to grant N10 million to 5,000 NYSC members for entrepreneurial ventures after service. Initiative aims to instill an entrepreneurial mindset, and drive skills development and innovation.
In an ambitious bid to cultivate entrepreneurship and tackle youth unemployment, the Nigerian government unveiled a bold strategy to provide N10 million ($24,000) in seed funding to at least 5,000 members of the National Youth Service Corps (NYSC) upon completing their mandatory service.
The announcement was made by Jamila Ibrahim, Minister of Youth Development, during a meeting with NYSC management and university leaders in the nation's capital on Monday. The initiative forms part of broader reforms aimed at instilling an entrepreneurial mindset and prioritizing skills development within the NYSC program.
"The focus of these reforms is to instill an entrepreneurial mindset and make skills development the core of the program," Ibrahim told attendees. "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 emphasized that the ventures receiving funding are expected to emerge from this skills program, targeting strategic sectors that can drive innovation and bolster economic growth nationwide.
The move underscores the government's determination to empower Nigerian youth and harness their potential as catalysts for sustainable development. With an estimated 60% of the population under 30 and youth unemployment hovering around 40%, nurturing entrepreneurship has become a policy imperative.
"Although entrepreneurship has always been a part of the NYSC objectives, we aim to partner with the scheme to strengthen its mandate," Ibrahim said. "We are looking to make the scheme more efficient, effective, and beneficial to both the nation and the Corps members."
The announcement has sparked a mix of reactions, with business leaders and economists applauding the government's commitment to job creation. However, some have raised concerns about the implementation challenges and the need for robust mentorship and support systems to ensure the success of fledgling businesses.
