By Chidi Ugwu
Nigeria, Africa’s largest economy, is grappling with a perennial problem that has defied solutions for decades.
This problem is unemployment and it is undoubtedly one of the drivers of insecurity in the country.
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The latest figures from the Nigerian Bureau of Statistics (NBS) indicates that the unemployment rate in the first quarter of 2024 stood at 5.3%, with a marginal improvement of 1% to 4.3% in the second quarter.
This trend is a stark reminder of the need for innovative solutions to address the scourge of unemployment in Nigeria.
Over the years, various government agencies, non-governmental organizations, and corporate entities have launched numerous initiatives aimed at empowering Nigerian youths and promoting entrepreneurship.
From the introduction of entrepreneurial studies in schools to skills acquisition programs designed to transform applicants into self-employed individuals and eventual employers of labor, these interventions have been laudable.
However, the impact has been minimal, and the problem persists.
It is against this backdrop that the C Foundation, a philanthropic organization dedicated to promoting entrepreneurial and economic empowerment, has partnered with the National Youth Service Corps (NYSC) to launch an innovative program aimed at equipping Nigerian youths with the skills and resources required to succeed in the ever-evolving global economy.
The partnership, which is a testament to the NNPC Foundation’s commitment to reinventing entrepreneurial and economic empowerment in Nigeria, is designed to provide NYSC members with access to training, mentorship, and funding opportunities that will enable them to establish and grow successful businesses.
According to Mrs. Emmanuella Arukwe, the Managing Director, NNPC Foundation, “Our partnership with the NYSC is a deliberate effort to empower Nigerian youths with the skills and resources required to succeed in the global economy. We believe that by providing them with access to training, mentorship, and funding opportunities, we can help them to establish and grow successful businesses that will create jobs and stimulate economic growth.”
The program, which is expected to benefit thousands of NYSC members across the country, will focus on providing training and mentorship in key areas such as entrepreneurship, business management, and financial literacy. Participants will also have access to funding opportunities, including grants and loans, to support the establishment and growth of their businesses.
In addition to providing training, mentorship, and funding opportunities, the program will also focus on promoting entrepreneurship and innovation among Nigerian youths.
According to the NYSC Director-General, “We are excited to partner with the NNPC Foundation on this initiative, which aligns with our goal of promoting entrepreneurship and self-reliance among Nigerian youths. We believe that by providing them with the skills and resources required to succeed, we can help them to establish and grow successful businesses that will create jobs and stimulate economic growth.”
The partnership between the NNPC Foundation and the NYSC is a significant step towards addressing the problem of unemployment in Nigeria. By providing Nigerian youths with access to training, mentorship, and funding opportunities, the program has the potential to create a new generation of entrepreneurs and job creators who will drive economic growth and development in Nigeria.
As the program rolls out across the country, it is expected to have a significant impact on the lives of thousands of Nigerian youths. According to one of the beneficiaries, “I am excited to be part of this program, which has provided me with the skills and resources required to establish and grow my own business. I am confident that with the support of the NNPC Foundation and the NYSC, I will be able to achieve my dreams and create a better future for myself and my family.”
In conclusion, the partnership between the NNPC Foundation and the NYSC is a significant step towards addressing the problem of unemployment in Nigeria.
By providing Nigerian youths with access to training, mentorship, and funding opportunities, the program has the potential to create a new generation of entrepreneurs and job creators who will drive economic growth and development in Nigeria.
As the program continues to roll out across the country, it is expected to have a lasting impact on the lives of thousands of Nigerian youths.
Highlighting the essence of the partnership, Mrs Arukwe said: with the partnership with NYSC, NNPC Foundation has created a training empowerment module targeted at young graduates mobilised for the compulsory national youth service.
“Across the 37 NYSC Orientation Camps in the country, interested corps members sign up for the module and are equipped with financial literacy skills to enable them manage and invest their money effectively and function as entrepreneurs.In 2024, a total of 560,065 NYSC members benefitted from the programme”.
Speaking on the objective of the programme, the Managing Director of NNPC Foundation, Mrs. Emmanuella Arukwe, said: “By educating corps members on financial management and entrepreneurship, the program aims to empower them to become economically self-sufficient and to contribute positively to society.
“But the NNPC Foundation’s NYSC Empowerment Programme goes beyond just equipping corps members with financial literacy skills. Incorporated within the programme is Business Pitching Exercise.
“This is targeted at those corps members who exhibit keener interest and higher aptitude in pursuing establishing their own businesses and pursuing an entrepreneurial path.
“Under this programme, interested corps members are further trained to hone their skills in developing business ideas into a business plan which they would pitch before a selected panel of assessors to determine winners based on market relevance, competitive edge and innovation, scalability, potential impact on the community.
“During the pitching exercise, projects that standout will receive startup packs, business advisory services, and opportunities to scale their ventures,” Mrs Arukwe explained.In 2024, a total of 2,659 corps members across the country participated in the NNPC Foundation Pitching Exercise.
“The foundation also facilitated a 50% reduction in the registration fees for some of the corps members to register their businesses with the Corporate Affairs Commission (CAC) thereby starting them off on their entrepreneurial journey.
“The efforts of the Foundation in providing humanitarian services across the country and driving youth empowerment have attracted accolades from the Institute for Humanitarian Studies and Social Development (IHSD) and the United Nations Institute for Training and Research (UNITAR), culminating in the Award for Humanitarian Excellence in Service”.
