Nigeria to Fund 5,000 NYSC Ventures With N10M Each

In a groundbreaking initiative to support youth entrepreneurship and national development, the Federal Government of Nigeria has announced plans to empower at least 5,000 members of the National Youth Service Corps (NYSC) with N10 million each. This bold move, announced during the inaugural meeting of the NYSC management with heads of Corps Producing Institutions (CPI) in Nigeria, aims to fund entrepreneurial ventures undertaken by corps members upon completion of their service.

The Minister of Youth Development, Dr. Jamila Ibrahim, emphasized that this initiative, distinct from the Nigerian Youth Investment Fund program set for 2024, is part of a broader effort to imbue the NYSC with an entrepreneurial mindset. The aim is to make the scheme more efficient, effective, and beneficial to both the nation and the Corps members.

This funding is expected to facilitate the development of a self-sustaining and revenue-generating program within the NYSC over the next five years. By investing in youth-led entrepreneurial ventures, the government is taking a significant step towards involving young people in Nigeria’s journey towards becoming a trillion-dollar economy.

The announcement has sparked excitement and optimism among young Nigerians, as it presents a unique opportunity for NYSC members to turn their business ideas into reality. This initiative underscores the government’s commitment to investing in youth-led entrepreneurial ventures as a key driver of economic growth and national development.

The initiative also aligns with the upcoming NYSC reforms, which are designed to further strengthen the program’s mandate. The Minister of Youth Development expressed the government’s commitment to partnering with the NYSC to leverage and manage its vast assets effectively, making strategic investments across various sectors.

In summary, the Federal Government’s decision to fund 5,000 NYSC ventures with N10 million each represents a significant milestone in youth empowerment and entrepreneurial development in Nigeria. This initiative is poised to have a transformative impact on the lives of the beneficiaries and the Nigerian economy as a whole.