Unemployment remains a critical challenge for individuals and society at large, often leading to widespread poverty, social instability, security risks, and economic difficulties. The Nigerian Bureau of Statistics (NBS) reported a 5.3% unemployment rate in the first quarter of 2024, which improved marginally to 4.3% in the second quarter. However, labour unions and the organized private sector have challenged these figures, arguing that they do not reflect Nigeria’s economic realities.
Over the years, government agencies and non-governmental organizations have introduced various initiatives, such as entrepreneurial studies in schools and skill acquisition programmes. These interventions aim to create self-employed individuals and even employers of labour. Despite their potential, these efforts often fall short of achieving their intended impact.
Enter NNPC Foundation
Before its transformation under the Petroleum Industry Act (PIA) of 2021, NNPC was a leader in entrepreneurial and empowerment programmes through its subsidiaries’ “Host-Community CSR Programmes.” With the transition to a limited liability company, NNPC established the NNPC Foundation to take a more focused approach to corporate social responsibility (CSR).
The Foundation now aims to expand its impact, targeting a broader section of society. One of its key initiatives is the financial literacy intervention programme, designed to help young graduate entrepreneurs overcome challenges in starting and managing businesses.
Launch of the NYSC Empowerment Programme
Building on previous efforts to combat unemployment, the NNPC Foundation developed the NYSC Empowerment Programme. This initiative addresses financial illiteracy—a major factor behind the failure of many past interventions. By incorporating financial literacy into its youth empowerment programmes, the foundation aims to equip participants with the knowledge necessary to build and sustain successful businesses.
To achieve this, the Foundation introduced a training and empowerment module for National Youth Service Corps (NYSC) members across all 37 orientation camps in Nigeria. Interested corps members receive training in financial literacy to help them manage investments and thrive as entrepreneurs.
In 2024 alone, 560,065 NYSC members benefited from the programme. Speaking about it’s objectives, Managing Director of NNPC Foundation, Mrs. Emmanuella Arukwe, said:
“By educating corps members on financial management and entrepreneurship, the programme aims to empower them to become economically self-sufficient and contribute positively to society.”
Beyond Financial Literacy: Business Pitching Exercise
The NYSC empowerment programme also includes a “Business Pitching Exercise” for corps members with a strong entrepreneurial drive. Participants receive advanced training to develop business ideas into actionable plans, which they present to a panel of assessors. Judges evaluate pitches based on criteria such as market relevance, innovation, scalability, and community impact.
Standout projects are rewarded with start-up packs, business advisory services, and opportunities to scale their ventures. In 2024, 2,659 corps members participated in the pitching exercise. Additionally, the Foundation facilitated a 50% reduction in Corporate Affairs Commission (CAC) registration fees for some members, helping them officially register their businesses.
Recognition of Efforts
The NNPC foundation’s commitment to youth empowerment and humanitarian service has earned it accolades from the Institute for Humanitarian Studies and Social Development (IHSD) and the United Nations Institute for Training and Research (UNITAR). The foundation was honoured with the prestigious “Humanitarian Excellence in Service” award for its outstanding contributions.
By combining financial literacy, entrepreneurial training, and practical support, the NNPC Foundation is making significant strides in addressing unemployment and fostering economic growth in Nigeria.
Austin Chukwudi
Vertex Media, Warri, Delta State.
vertexmedialogi@gmail.com