FG launches N110bn youth skills programme to reduce unemployment by 20%
The Federal Government has launched a N110 billion National Youth Skills Programme (NYSP) aimed at reducing youth unemployment by 20% over the next five years.
Minister of Youth, Dr. Jamila Bio-Ibrahim, stated that the program is a critical step towards addressing Nigeria’s youth employment challenges.
The NYSP will provide skills training and financial support to 11 key sectors vital to Nigeria’s development, including agriculture, renewable energy, and the digital economy. According to government statistics, over 42.5% of Nigerian youth are currently unemployed, with 33 million lacking a clear career path.
The program has allocated N110 billion for the 2024 fiscal year, with an additional Nigerian Youth Investment Fund (NYIF) to provide grants, loans, and mentorship to youth-led businesses. The program ensures inclusivity by setting aside 50% of its participation for female youth and providing full access to training programs for persons with disabilities.
Dr. Bio-Ibrahim emphasized the need for private sector involvement, stating that businesses must partner with the government to provide training, apprenticeships, and mentorship. A robust Monitoring and Evaluation (M&E) Framework has been implemented to track key performance indicators.
The NYSP aims to bridge the gap between skills training and financial support, providing a holistic solution that includes mentorship, financial backing, and industry partnerships.
