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The Director-General of the National Youth Service Corps (NYSC), Brig.-Gen. Olakunle Nafiu, said the scheme is deepening entrepreneurship through targeted reforms and funding partnerships.
Nafiu said this on Sunday in Abuja while outlining efforts to reposition the Skills Acquisition and Entrepreneurship Development (SAED) programme.
He said although unemployment was not a major concern at the scheme’s inception in 1973, its founders anticipated future challenges and embedded skills acquisition in its framework.
According to him, SAED has now become central to NYSC operations as the country grapples with rising youth unemployment and economic pressures.
“Today, we are more deliberate; we encourage corps members to leave service not just with certificates, but with practical skills for self-reliance,” he said.
Nafiu said that the programme was witnessing increased participation, with more corps members embracing vocational and entrepreneurial training during service.
He, however, identified access to finance as the major gap between training and actual enterprise development among corps members.
“The issue is not training; funding is what we are now trying to address so that they can translate these skills into businesses,” he said.
Nafiu said NYSC had partnered with the Bank of Industry to provide financial support, including grants and concessional loans to corps members.
He said the bank gave the scheme a grant of N2 billion annually with eligible corps members able to access up to N5 million in loans at about nine per cent interest rate, which was a better deal than the 20 per cent of commercial banks.
“We are even engaging to see if that interest rate can be reduced further.
“Financial literacy has also been integrated into the orientation course to equip corps members with basic business and money management skills,”he said.
Nafiu linked the sustainability of the programme to the proposed NYSC Trust Fund, which was expected to provide dedicated funding for operations and youth empowerment and serve as an additional source of financing for the scheme.
“With the Trust Fund, we will be able to invest more in SAED and even provide direct grants to corps members from our own resources at zero to three per cent interest rates,” he said.
He added that the fund would also help address infrastructure gaps, including orientation camps and state secretariats across the country.
Nafiu said the scheme was also strengthening its enterprise base through NYSC Ventures to support training and generate supplementary income.
He said the ventures included farms, bakeries and water production facilities used to train corps members, particularly in agro-allied value chains.
“These ventures are part of our strategy to support skill acquisition practically while also generating some revenue, even though we are not a profit-making agency,” he said.
According to him, all proceeds from the ventures are remitted to the Treasury Single Account in line with government regulations.
He expressed optimism that improved funding would enable the scheme to scale up its ventures and expand opportunities for corps members.
“We are aiming for the skies; with more resources, we can do much more in terms of job creation and youth empowerment,” he said.
Nafiu reaffirmed that NYSC would continue to evolve its programmes to align with economic realities and equip Nigerian youths for productive engagement.
He said the scheme remained committed to reducing unemployment and supporting national development through entrepreneurship, innovation and strategic partnerships
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