Government funds Corps members' ventures

Government funds Corps members’ ventures

3 minutes, 35 seconds Read
By Akinsuroju Olubunmi

Government funds Corps members’ ventures

Government funds Corps members' ventures

The Federal Government plans to empower at least 5,000 corps members with N10 million each to fund their entrepreneurial ventures upon passing out of the National Youth Service Corps scheme.


The Minister of Youth Development, Dr. Jamila Ibrahim, announced this on Monday in Abuja during the opening ceremony of the first meeting of NYSC management with heads of Corps Producing Institutions in Nigeria. She stated that this initiative aligns with the proposed NYSC reforms, which are separate from the Nigerian Youth Investment Fund programme for 2024.


Dr. Ibrahim said, “I will be inaugurating a team to undertake the review, restructuring, and reforms of the NYSC. The thrust of these reforms will be centered on instilling an entrepreneurial mindset in participants and making skills development the core of the programme. 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 programme is not only self-sustaining but also a revenue-generating programme within the next five years. To achieve this, we will institutionalize the NYSC ventures as an investment and asset management outfit.”


She explained that this would enable the Federal Government to leverage and properly manage the vast assets of the NYSC and make strategic investments in various sectors, including agriculture, manufacturing, garment making, communication, and digital banking.


Dr. Ibrahim emphasized that this initiative underscores the current administration’s commitment to investing in youth-led entrepreneurial ventures, which is a step towards youth contribution to Nigeria’s journey towards a trillion-dollar economy. “The national youth skills programme will play a pivotal role in these reforms. While typically a 12-month programme, this year we’ll start a six-month abridged version. We expect the ventures funded to emerge from this programme in various strategic sectors driving innovation and economic growth,” she added.


The minister urged the participants, as the custodians of higher education in Nigeria, to bear the profound responsibility of nurturing the intellectual, moral, and civic capacity of the nation’s youth.


The Director-General of NYSC, Brig.-Gen. Yusha’u Ahmed, stated that the decision to initiate a direct interface with vice-chancellors, rectors, and provosts was aimed at creating strategies for the elimination of identified flaws and ensuring a more seamless mobilisation process.


He said, “Over the years, we have thoroughly examined the process and identified avoidable problems while constructive engagements with relevant stakeholders have led to a number of resolutions aimed at addressing them. However, some CPIs are not doing enough on the implementation of these decisions.


“We have also observed that the delegation of the roles of principal officers of some institutions to their subordinates is partly responsible for the shortfalls and abuses that have bedeviled the mobilisation process, including the presentation of unqualified persons for enlistment. I am, therefore, confident that this meeting will elicit greater commitment from these highly respected stakeholders.”


Declaring the meeting open, the Minister of the Federal Capital Territory, Nyesom Wike, emphasized the need for adopting innovative strategies to overcome challenges and enhance best practices for engaging young graduates in national development efforts.


Mr. Wike, represented by the Mandate Secretary, Women and Children Affairs, FCT Administration, Adedayo Benjamins-Laniyi, added that it was gratifying that the scheme was focused on enhancing the efficiency of its operations through technology-driven approaches in data collation and processing for mobilisation and deployment purposes.


“I encourage you to continue to optimise the IT solutions for accuracy and greater efficiency. I am aware that this meeting is maiden and a crucial step in addressing critical issues pertaining to the effective implementation of operational policies of the scheme. I commend the decision of the NYSC to periodically bring critical stakeholders together for brainstorming on the best strategies for greater success, which aligns perfectly with the contemporary global best practices for achieving desired results,” he said.


The minister urged the participants to offer insightful contributions, adding that he was confident that this engagement would pave the way for a more responsive, efficient, and impactful NYSC.


Youth, Programme.

Government funds Corps members’ ventures

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