5000 NYSC members to get N10m to finance business ideas

The Federal Government has announced plans to disburse the sum of 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 made this disclosure in Minna, Niger State, at the swearing in ceremony of the 2024 Batch ‘B’ Stream 1 Corps members posted to the state.

She explained that each of the 5,000 Corps members that would benefit from the initiative would be given N10 million each as 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 disclosed that the restructured Nigerian Youth Investment Fund, NYIF, will start accepting applications this month.

The scheme, according to her, had been simplified to enable more young entrepreneurs to access financial support for their innovative ideas.

The minister further added that in recognizing the need for practical skills in today’s competitive economy, the Federal Government is also 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,” she said.

Speaking at the event, Niger state Governor Muhammed Bago announced the donation of the sum 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 the sum of N5 billion has been earmarked for the construction of a new NYSC camp at Paiko in Paikoro LGA of the state.