NYSC Urges Corps Members to Save and Diversify Income

The Director-General of the National Youth Service Corps (NYSC), Brig.-Gen. Olakunle Nafiu, has urged corps members to think beyond their monthly allowance and develop a culture of savings. He gave this advice during the News Agency of Nigeria (NAN) Forum in Abuja on Wednesday. Brig.-Gen. Nafiu's message is clear: corps members shouldn't just rely on their monthly pay.

Brig.-Gen. Olakunle Nafiu emphasized the importance of financial discipline. He encouraged corps members to embrace entrepreneurship and self-reliance. They can't just wait for their monthly allowance, he said. He noted that the ability to save isn't directly tied to the amount one earns. "If you can't save from N77,000, even if you're paid N300,000, you may still struggle to save," he said.

The NYSC has been working to promote financial discipline and entrepreneurship among its members through the Skill Acquisition and Entrepreneurship Development (SAED) programme. This initiative aims to equip corps members with the skills needed to start and manage their own businesses. This will reduce their dependence on government jobs. They won't have to rely on the government for employment, which is limited.

"The government anywhere in the world isn't the highest employer of labour," said Brig.-Gen. Nafiu. "It's small businesses and private enterprises that drive employment and economic growth," he added.

The NYSC has documented over one million corps members with the Corporate Affairs Commission, thanks to its initiatives aimed at promoting entrepreneurship and formal business registration nationwide. The NYSC has signed a Memorandum of Understanding with the Enterprise Development Centre of Pan-Atlantic University to digitalize entrepreneurship training for corps members across the country. This partnership will enable corps members to access online entrepreneurship training, regardless of their primary assignment locations.

They'll be able to improve their participation and expand opportunities for practical business and digital skills development. The NYSC Ventures have also expanded operations through investments in farms, bakeries, and water factories, where corps members can gain practical industry experience. They'll learn new skills and get hands-on experience.

Brig.-Gen. Nafiu encouraged corps members to explore opportunities within the digital economy. Many young Nigerians earn legitimate incomes remotely through jobs such as data entry and online support services for international organizations. They're doing well without resorting to internet fraud. He emphasized that it's often about having the right ideas and awareness. Corps members don't have to be involved in scams to succeed.

The proposed NYSC Trust Fund is expected to strengthen skills acquisition, entrepreneurship development, staff training, and ICT infrastructure. It will also improve support for corps members pursuing viable business ventures after national service. This fund will help them develop their skills and start their own businesses.