The Federal Government has announced plans to disburse N5 billion to empower at least 5,000 members of the National Youth Service Corps (NYSC) across the country for entrepreneurial ventures upon completion of their service year.
The Minister of Youth Development, Dr. Jimila Bio Ibrahim, disclosed this in Minna, Niger State, during the swearing-in ceremony of the 2024 Batch ‘B’ Stream 1 Corps members posted to the state.
Dr. Ibrahim explained that each of the 5,000 Corps members benefiting from the initiative would receive N10 million as a take-off grant to finance their business ideas.
“We are introducing significant reforms to the NYSC program, integrating skills development and entrepreneurship into your service year. These changes are designed to make your NYSC experience a period of national service and a time to gain valuable skills and knowledge,” the minister said while addressing the Corps members.
Ibrahim also announced that the restructured Nigerian Youth Investment Fund (NYIF) would start accepting applications this month. The scheme has been simplified to enable more young entrepreneurs to access financial support for their innovative ideas.
Additionally, recognizing the need for practical skills in today’s competitive economy, the Federal Government is launching the National Youth Skills Program (NYSP) this month.
“This program aims to train over one million young Nigerians across diverse fields such as technology, agriculture, and more,” Ibrahim added.
At the event, Niger State Governor Muhammed Bago announced a donation of N320 million to be credited to the accounts of each of the 1,600 Corps members posted to the state to ease hardship and make their stay comfortable.
He also disclosed that N5 billion has been earmarked for constructing a new NYSC camp at Paiko in Paikoro LGA of the state.