On 22nd July, 2020, the Federal Executive Council (FEC) in line with President Buhari’s directive approved the Nigeria Youth Investment Fund (NYIF) to the tune of N75 billion over a three-year period to cater for youth-owned businesses and investment needs.
As part of the Government plan to revive the economy after the COVID-19 Pandemic, the NYIF aims to financially empower Nigeria Youths to generate at least 500,000 jobs between 2020 and 2023.
The Nigerian Youth Employment Action Plan was developed by the Federal Ministry of Youth and Sports Development (FMYSD) as a built-in strategy to respond effectively to the youth unemployment challenges in Nigeria.
The government having realized the onerous task of creating opportunities for youths has entered a Memorandum of Understanding (MoU) with Pasea Techsolutions Limited (PASTEC) as part of it’s effort to collaborate with relevant stakeholders for successful NYIF implementation.
Pastec; Nigeria’s edTech infrastructure company is on a mission to making entrepreneurship and digital skills education accessible and affordable for everyone.
The MoU was jointly executed on November 5th, 2021 by Mr. Sunday Dare, Honorable Minister of Federal Ministry of Youth & Sport Development (FMYSD) and Chukwuemeka Okafor CEO/CO-Founder Pastec.
Upon entering a partnership with Government, Chukwuemeka appreciated the Honorable Minister sealing this partnership as Ministry’s willingness to enter into an MOU is highly commendable, as this is a clear testament of Government’s recognition of private sectors invaluable role of helping to drive Government initiative for sustainable and veritable national development.
Chukwuemeka made this known after the execution of an epoch partnership between Pastec and the ministry aimed at fostering business resilience and encouraging business growth alongside investments for Nigerian youths.
The hallmark partnership will see Pastec provide technical support for the Government’s ongoing NYIF capacity building of young people in business entrepreneurship with a goal of empowering 500,000 talented youths until 2023.
Pastec believes this partnership is laudable as it will contribute in enabling Government towards the successful implementation of NYIF program by scaling training from 7,000 to 500,000 youths.
Pastec is a youth led company and understands the yearnings of Nigeria youths and the enormity of the task at hand. Let’s make no mistake; part of our goal is to provide Government with requisite technical support that will foster business growths, capacity building and digital skills for Nigeria youths through access to vast business, investment, mentoring and high paying job opportunities.
Dr. Armstrong Takang Pastec co-founder, while lauding Government’s determination to address unemployment and youth restiveness reiterated the importance of sustaining strong partnership to addressing the current youth bulge while promoting the need for entrepreneurial digital skills acquisition in Nigeria.
Pastec believe that Africa’s future image will be largely shaped by the brands it is able to produce, and their ability to attract and move global audiences.
This partnership gives government and relevant stakeholders a valuable opportunity to identify and groom potential global unicorn companies. In addition, an avenue to addressing unemployment by equipping youths with digital skills to harness jobs of the future.
Chukwuemeka informed that these are great and defining times for Nigerian youths as the partnership is designed to help startups based in Nigeria acquire the necessary skills needed in driving innovation and socio-economic development across the world.
Furthermore, he appreciated President Buhari for initiating this program for youths as part of the Economic Recovery and Growth Plan (ERGP).
The execution of the MOU was held within the Federal Ministry of Youth & Sports Development (FMYSD) Headquarter office in Abuja.
Details about the commencement timeline for NYIF capacity building as agreed upon in the MOU will soon be announced to the general public.
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