FG unveils initiative to reduce unemployment by 20% in 5 years

The Federal Government has unveiled the National Youth Skills Programme (NYSP), a transformative initiative aimed at addressing youths unemployment and equipping them with essential skills for the future.

Dr Jamila Ibrahim, Minister of Youth Development, spoke at the unveiling event on Thursday in Abuja.

Ibrahim said that the programme was developed to tackle unemployment and equip young people with employable skills.

“The key goals are to reduce youth unemployment by 20 per cent in the next five years and achieve up to a 50 per cent increase in youth-led enterprise.

“Through regular assessment, feedback loops and data analysis, we will adjust our strategies as needed to ensure that we stay on track and that no one is left behind.

“With the right skills and training, our youth cannot only find employment but also become the driving force behind these sectors, creating a ripple effect of job opportunities.”

According to her, beyond technical skills, the government is committed to empowering the youths with financial tools to succeed.

“It is not enough to be skilled; we must ensure these young men and women have access to the capital they need to start their business.

“Through the Nigerian Youth Investment Fund, we have already allocated 110 billion naira for the 2024 fiscal year to support youth-led businesses.

“With the upcoming National Youth Development Bank, we will expand this, providing more youth with the grants, loans and mentorship they need to turn their ideas into thriving enterprise.”

The minister said that woman and persons with disabilities were often left out of the economic conversation.

“That is why we are committed to ensuring that 50 per cent of programme participants will be female and we have designed specific pathways for young women to thrive in sectors like technology, healthcare and entrepreneurship.”

Ibrahim said that the framework would also allow them to track key performance indicators such as the number of jobs created, the success rate of youth-led businesses and the overall contribution to national economic growth.

“We have also partnered with local and international organisations to ensure that persons with disabilities have full access to all training programmes, with necessary accommodation as well to be provided.

“We will also measure long-term impacts such as income growth and poverty reduction.”

According to Ibrahim, NYSP is designed to target 11 key sectors crucial to Nigeria’s development– agriculture, renewable energy, digital economy and manufacturing.

She listed others as healthcare services, creative arts, sustainable mobility, circular economy, teaching skills, mining and gemstone processing, and blue economy.

“This dual focus on skills and financial support aims to address the gaps in previous initiatives that lacked sufficient backing.

“The programme will also ensure nationwide outreach, utilisng digital platforms to connect with both urban and rural areas,” she said.

More so, Dr Aminu Abdullahi, Senior Special Adviser to the Minister, reiterated the programme’s alignment with President Bola Tinubu’s Renewed Hope Agenda.

Abdullahi said that the programme was aimed at equipping more than 5 million youth with employable skills and fostering entrepreneurship and innovation.

According to him, the NYSP will implement a robust monitoring and evaluation framework to track progress and measure impact.

He said that the framework would assess key performance indicators such as job creation, business success rates and economic contributions and annual evaluations.

Abdullahi said that such would ensure transparency and continuous improvement, learning from past experiences to better support the youth.

He called on private sector partners, government agencies and international organisations to collaborate in driving the NYSP’s success.