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Cursory:The federal government plans to revamp the National Youth Service Corps (NYSC), focusing on preparing youth for employment or entrepreneurship post-education. Initiatives include launching the NextGen Bank in April 2024 to fund entrepreneurial projects and a commitment to a 30% quota for youth in government appointments.
The federal government has announced initiatives to transform the prospects and opportunities for Nigerian youth.
The initiatives include a reform of the National Youth Service Corps, NYSC, to focus more on ensuring that when young people finish school, they are ready to obtain good jobs or start their own businesses.
Moreover, the introduction of the NextGen Bank in April 2024 aims to offer financial support to young individuals for their entrepreneurial endeavors.
Additional measures involve enforcing a mandatory 30% quota in government appointments to amplify youth representation in decision-making and the establishment of three youth villages in Niger, Katsina, and Ebonyi, among other locations.
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Dr. Jamila Bio Ibrahim, the Minister of Youth Development, presented these reforms in Abuja, emphasizing a transformative vision for Nigeria’s youth that encompasses education, skills development, empowerment, and engagement across various sectors.
The minister said: “the President’s vision for the youth of Nigeria is transformative. It encompasses comprehensive education and skills development, empowerment through various initiatives, and effective engagement at all levels.
Speaking on the NextGen bank, he said it is expected to provide grants, low-interest loans, and equity investments to catalyze youth entrepreneurship in diverse fields.
In his words:
“The NextGen bank is set to launch in April 2024. This retail development financial institution will provide grants, low-interest loans, and equity investments, catalysing youth entrepreneurship in the agriculture, sustainable mining, green energy, sustainable mobility, blue economy, healthcare services, education and skill development, financial services, ICT and telecoms.”
