Financial Energy Review
MD, NNPC Foundation, Mrs. Emmanuella Arukwe, Addressing Youth Corps Members on the Advantages of the NNPC-NYSC Empowerment Programme at the Orientation Camp in Abuja.
……..560,065 NYSC members benefited from the programme………
……..by Ben Ndubuwa………..
Unemployment remains a significant issue in Nigeria, with the Nigerian Bureau of Statistics (NBS) reporting that the unemployment rate stood at 5.3 percent in the first quarter of 2024, improving slightly to 4.3 percent in the second quarter. Despite various efforts by both government agencies and non-governmental organizations over the years to combat the problem, many of the interventions have had limited success, leaving the country’s unemployment crisis largely unaddressed.
One such initiative that has gained attention and traction is the Nigerian National Petroleum Company Limited (NNPC Ltd) Foundation’s efforts to tackle unemployment, particularly among young graduates. Historically, NNPC has been involved in community-focused corporate social responsibility (CSR) programs, especially through its subsidiaries. However, with the corporation’s transformation into a limited liability company under the Petroleum Industry Act (PIA) 2021, the NNPC Foundation was established as a dedicated entity to enhance and refocus these social responsibility efforts. The foundation aimed to address the root causes of unemployment, specifically targeting young graduates in the country.
In a move to amplify its impact, the NNPC Foundation partnered with the National Youth Service Corps (NYSC) to introduce the NYSC Empowerment Programme. This initiative combines entrepreneurial training with financial literacy, an area that has been identified as a key factor in the success of business ventures. While numerous empowerment programs have been rolled out over the years, many participants struggle to build sustainable businesses, often due to a lack of financial knowledge and skills to effectively manage their finances.
Speaking about the importance of incorporating financial literacy into the program, Mrs. Emmanuella Arukwe, Managing Director of the NNPC Foundation, emphasized, “Financial literacy is essential for establishing and running a business successfully. Many empowered individuals fail because they lack the necessary understanding of how to manage their finances effectively.”
The NYSC Empowerment Programme was designed to reach a wide pool of young people, focusing on recent graduates undergoing their mandatory national youth service. Each year, the NNPC Foundation collaborates with the NYSC to conduct financial literacy training across the 37 orientation camps nationwide. The programme provides participants with the knowledge and skills to manage their finances and invest wisely, setting them up for successful entrepreneurial ventures.
In 2024, a total of 560,065 NYSC members benefited from the programme. The primary objective, according to Mrs. Arukwe, is to empower corps members to become economically self-sufficient. She stated, “By educating corps members on financial management and entrepreneurship, the program aims to empower them to become economically self-sufficient and contribute positively to society.”
Beyond financial literacy, the NNPC Foundation’s empowerment initiative includes a Business Pitching Exercise. This aspect of the programme targets corps members who show a stronger interest and aptitude for entrepreneurship. Those interested in taking their business ideas further are given the opportunity to develop their concepts into formal business plans, which they present before a panel of assessors. The panel evaluates each pitch based on criteria such as market relevance, innovation, scalability, and potential community impact.
Mrs. Arukwe explained, “During the pitching exercise, projects that stand out will receive startup packs, business advisory services, and opportunities to scale their ventures.” In 2024, a total of 2,659 corps members participated in the Business Pitching Exercise, showcasing innovative ideas and entrepreneurial spirit.
Additionally, to help these young entrepreneurs take their first steps, the NNPC Foundation facilitated a 50 percent reduction in the registration fees for corps members who wanted to formally register their businesses with the Corporate Affairs Commission (CAC). This initiative aims to lower the barrier to entry for young entrepreneurs, providing them with the legal framework to kickstart their businesses and take their ventures to the next level.
The NNPC Foundation’s efforts have not gone unnoticed. The Foundation’s focus on humanitarian work and youth empowerment has earned it recognition from several prominent organizations. In particular, the Institute for Humanitarian Studies and Social Development (IHSD) and the United Nations Institute for Training and Research (UNITAR) have lauded the foundation’s contributions. This culminated in the award for Humanitarian Excellence, a recognition that highlights the NNPC Foundation’s commitment to addressing unemployment and promoting economic empowerment among Nigeria’s youth.
As the unemployment rate in Nigeria continues to be a pressing issue, programs like the NNPC Foundation’s NYSC Empowerment Programme offer a glimmer of hope. With a strong focus on financial literacy, entrepreneurship, and practical business support, the initiative has the potential to reduce unemployment and create a new generation of successful entrepreneurs who will contribute positively to the Nigerian economy. The NNPC Foundation’s model serves as an example for other corporate bodies and organizations to follow, emphasizing the importance of long-term, sustainable interventions that equip young people with the tools they need to thrive in a challenging economic landscape.
As the program expands and evolves, it remains clear that empowerment initiatives like this one are an essential part of the solution to Nigeria’s unemployment crisis. Through targeted interventions that teach both financial and entrepreneurial skills, the NNPC Foundation is helping to pave the way for a brighter, more self-sufficient future for young Nigerians.
